
Shell has released its 2024 Payments to Governments Report, providing a detailed and consolidated account of financial flows to governments worldwide in line with regulatory transparency requirements.
The report, mandated under the UK’s Reports on Payments to Governments Regulations 2014 (as amended in December 2015), covers payments made by Shell and its subsidiary undertakings for extractive activities — specifically, those related to the exploration, prospection, discovery, development, and extraction of minerals, oil, and natural gas.
For the year 2024, Shell reported total payments to governments of US$28.1 billion, distributed across 24 countries where the company operates.
The report only includes payments equal to or exceeding the £86,000 materiality threshold, ensuring that only significant transactions are disclosed.
This comprehensive overview highlights Shell’s commitment to transparency and accountability in its financial dealings with state entities.
The breakdown of payments reveals substantial contributions to government revenues globally.
The largest beneficiary was Nigeria, which received US$5.34 billion, primarily through production entitlements, taxes, and royalties.
Notably, Shell’s production entitlements in Nigeria were made in kind, equating to over 80 million barrels of oil equivalent, valued at market price.
Malaysia received US$3.12 billion, with a significant portion delivered via local subsidiaries and national oil companies.
Oman was another major recipient, with US$4.58 billion paid, largely in taxes and production entitlements.
Other notable flows included US$3.38 billion to Norway and US$3.7 billion to Brazil.
Shell’s report also notes negative tax balances in certain jurisdictions, such as the United Kingdom and India, reflecting refunds or adjustments rather than outflows.
The report specifically excludes payments related to refining, natural gas liquefaction, or gas-to-liquids activities, focusing solely on upstream extractive operations.
The publication of this report underscores Shell’s adherence to international transparency standards and regulatory obligations, offering stakeholders a clear view of the company’s fiscal contributions to host countries.
The full 2024 Payments to Governments Report is available on Shell’s official website, alongside the company’s Tax Contribution Report for further insights into its global tax footprint.