By Udeme Akpan
The revenue accrued to the Federal Government from the operations of the Shell Nigeria Exploration and Production Company Limited (SNEPCo) amounted to N366 billion in 2018 fiscal year.
The oil giant’s operations also yielded another N2.1 billion as statutory revenue to the Niger Delta Development Commission.
SNEPCo’s Managing Director, Bayo Ojulari, said the payments resulted from oil and gas production by SNEPCo’s flagship investment, Bonga, which is Nigeria’s first oil and gas project in water depths of over 1,000 metres.
He stated: “At the end of 2018, SNEPCo had produced 819 million barrels of oil from the Bonga field which translates into huge contributions to the Nigerian economy in addition to the significant human capital development of deep-water expertise among Nigerians.”
He noted that the pride of SNEPCo was the increase in its Nigerian workforce to over 96 percent and the creation of Nigeria’s first oil and gas engineers with deep-water experience.
“The success story at Bonga is not only that it is Nigeria’s first deep-water project but the fact that Bonga is a Nigerian venture delivered by Nigerians using global expertise and processes offered by the Shell Group that have launched Nigeria into the league of notable deep-water players.”