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4-Traders Homepage  >  Equities  >  Euronext Amsterdam  >  Royal Dutch Shell    RDSA   GB00B03MLX29

ROYAL DUTCH SHELL (RDSA)
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Nigeria Seeks $7.8 Billion From Oil Cos in Unpaid, Underpaid Taxes -Watchdog

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06/11/2013 | 07:55pm CET
   By Sarah Kent 
 

LONDON--Nigeria's President Goodluck Jonathon Monday directed government agencies to recover $7.8 billion that audits carried out by the Nigerian Extractive Industries Transparency Initiative found oil companies operating in the country owed the government in unpaid and underpaid taxes, NEITI said Tuesday.

According to the audits, Nigeria's government has experienced a potential revenue loss of $9.8 billion as a result of under-assessments and under-payments of taxes and rents, process manipulation and poor interpretation of agreements between the government and companies, NEITI said, adding that it has already helped recover $2 billion but $7.8 billion remains outstanding.

However, in the past members of the industry have contested NEITI's findings.

Earlier in the year, Nigeria's state oil company, Nigeria National Petroleum Corp., or NNPC, vehemently denied findings by NEITI that suggested the company owed the government $8.16 billion for crude oil sales made between 2009 and 2011.

An industry source suggested that NEITI had misunderstood some of the figures it was given in its last report and clarification has been sought.

Foreign oil companies operating in Nigeria include Royal Dutch Shell PLC (RDSA), Eni SpA (E), Total SA (>> Total SA), Exxon Mobil Corp. (>> Exxon Mobil Corporation) and Chevron Corp. (>> Chevron Corporation).

Shell and Eni declined to comment. Total, Chevron and Exxon were not available to comment.

Write to Sarah Kent at [email protected]

Stocks mentioned in the article : Exxon Mobil Corporation, Total SA, Chevron Corporation
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Financials ($)
Sales 2017 294 B
EBIT 2017 23 045 M
Net income 2017 14 927 M
Debt 2017 60 320 M
Yield 2017 5,22%
P/E ratio 2017 17,76
P/E ratio 2018 15,43
EV / Sales 2017 1,21x
EV / Sales 2018 1,08x
Capitalization 295 B
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 33,7 $
Spread / Average Target -4,5%
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Managers
NameTitle
Ben van Beurden Chief Executive Officer & Executive Director
Charles O. Holliday Chairman
Jessica Uhl Chief Financial Officer & Director
Harry Brekelmans Director-Technology & Projects
Gerardus Johannes Wijers Deputy Chairman
Sector and Competitors
1st jan.Capitalization (M$)
ROYAL DUTCH SHELL3.71%295 184
PETROCHINA COMPANY10.63%242 367
TOTAL4.04%147 892
PETROLEO BRASILEIRO SA PETROBRAS14.22%77 771
STATOIL5.02%77 332
ENI8.26%66 533