Quick overview

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Nigeria received $5.34 billion from Shell in 2024, the largest payment to any nation. Payments included taxes and other charges, which increased compared to the prior year. The increase occurs as Shell leaves Nigeria’s onshore oil operations after decades of contentious operations.

The company is pulling out of the Niger Delta, a region notorious for high emissions and ongoing environmental pollution concerns, but it will continue its offshore production in Nigeria. The company has been looking to sell its oil and gas assets in Nigeria since 2021 due to persistent issues like theft and oil spills.

Shell claims the action will reduce its holdings and achieve net-zero emissions by 2050.

Nigeria continued to be the largest recipient, with Oman, Brazil, and Norway following closely behind, with a total of about $11 billion.  Shell received a $32 million reimbursement from the government for decommissioning expenses related to the Brent field and other North Sea assets.

This is less than the $43 million that was reimbursed in 2023. However, this number does not include Shell’s entire UK tax liability; it only represents charges associated with extractive activities. By the end of 2024, it was reported that the company had paid the UK government about $6 billion in 2023. Shell reported adjusted earnings for the entire year.