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8 Shell Investors’ Handbook Summary review KEY PROJECTS UNDER CONSTRUCTION KEY EY E SCHIEHALLION REDEVELOPMENT CLAIR PH2 CORRIB AOSP DEBOTTLENECKING NORTH AMERICAN TIGHT GAS MAJNOON FCP EAGLE FORD PORT ARTHUR MARS B, W. BOREAS & S. DEIMOS BAB CARDAMOM HARWEEL �� Traditional Tradi io oil oi and andd gas ga �� Integrated I eg ated gas � Deep D Deep water wwater a er �� Tight/shale Ti T gh t / h ha l oil oill and an d gas ggas as � Heavy H Heavy oil/EOR i / EO � Refi ning/Chemicals KEY PROJECTS – POST FINAL INVESTMENT DECISION Start-up Project Country BONGA NW BC-10 PH2 Shell interest (%) KASHAGAN PH1 SAS AMAL STEAM SABAH GAS KEBABANGAN WHEATSTONE LNG GREATER WESTERN FLANK PH1 Peak production 100% (kboe/d) LNG 100% GUMUSUT-KAKAP PRELUDE FLNG NORTH RANKIN 2 GORGON LNG T1-3 capacity (mtpa) Category 2012–2013 Amal Steam Oman 34 20 Heavy oil/EOR Shell operated AOSP Debottlenecking Canada 60 10 Heavy oil/EOR � Bab Thamama G and Bab Habshan-2 United Arab Emirates 9.5 80 Traditional oil and gas BC-10 Phase 2 Brazil 50 35 Deep water � Eagle Ford USA 100 45 Tight/shale oil and gas � Gumusut-Kakap Malaysia 33 135 Deep water � Harweel Oman 34 40 Heavy oil/EOR Kashagan Phase 1 Kazakhstan 17 300 Traditional oil and gas Majnoon FCP Iraq 45 >30[A] Traditional oil and gas � North American Tight Gas USA/Canada Various ~125[B] Tight/shale oil and gas � North Rankin 2 Australia 21 280 Integrated gas Port Arthur Refi nery Expansion USA 50 Refi ning/Chemicals � SAS United Arab Emirates 9.5 115 Traditional oil and gas 2014–2015 Bonga North West Nigeria 55 45 Deep water � Cardamom USA 100 50 Deep water � Corrib Ireland 45 45 Traditional oil and gas � Gorgon LNG T1-3 Australia 25 440 15 Integrated gas Mars B, W. Boreas & S. Deimos USA 72 100 Deep water � Sabah Gas Kebabangan (KBB) Malaysia 30 130 Deep water 2016+ Clair Phase 2 UK 28 120 Traditional oil and gas Greater Western Flank Phase 1 Australia 21 110 Integrated gas Prelude FLNG Australia 67.5 110 3.6[C] Integrated gas � Schiehallion Redevelopment UK 36 130 Traditional oil and gas Wheatstone LNG Australia 6.4 260 8.9 Integrated gas [A] Shell entitlement at $80/b. [B] Shell share (subject to investment pace). [C] Not including 1.7 mtpa NGLs.
KEY PROJECT S UPDATE AOSP DEBOTTLENECKING (Shell interest 60%; Shell operated) The Athabasca Oil Sands Project (AOSP) extracts bitumen from the Muskeg River and Jackpine mines in the province of Alberta, Canada, and synthesises from it a crude oil at the Scotford Upgrader near Edmonton. The successful start-up of an expansion project in 2011 has increased the AOSP’s mining and upgrading capacity to 255 thousand boe/d. The focus will now be to improve operating efficiencies and reliability further, thereby adding more processing capacity with low capital investment and low business risk. This “debottlenecking” opportunity, which will be developed over the next 10 years, is expected to increase production by as much as 85 thousand boe/d while reducing unit costs. In 2011, we took the final investment decision on the first 10 thousand boe/d capacity-increasing increment. BONGA NORTH WEST (Shell interest 55%; Shell operated) The Bonga North West project is Shell’s first brownfield subsea tieback in Nigerian deep water. The project connects newly discovered oil and gas fields to the existing Bonga floating production, storage and offloading unit. All engineering contracts have been awarded and the project is in the execution phase. Production is expected to come on-stream in 2014, reaching a peak of 45 thousand boe/d. CARDAMOM DEEP (Shell interest 100%; Shell operated) The Cardamom Deep field lies below the Auger and Cardamom fields in the deep waters of the Gulf of Mexico. Shell discovered the Cardamom reservoir in 2010 using advanced seismic technology that was able to produce improved images versus traditional seismic methods. Furthermore, the Cardamom appraisal well was with the first deep-water exploration plan to be approved by the Bureau of Ocean Energy Management, Regulation and Enforcement after the BP Deepwater Horizon incident. The field is expected to produce a peak of 50 thousand boe/d through wells connected to the existing Auger platform, some directly and others via a new subsea tie-back system. The wells will be drilled over the next two years, following the final investment decision in 2011. CLAIR PHASE 2 (Shell interest 28%) The second phase of the Clair development involves drilling 36 wells and the design, fabrication and installation of two fixed platforms connected by a bridge. Drilling and production facilities will be situated on one platform, and utilities and living quarters will be on the other. The new facilities, located west of the Shetland Islands, are being designed for 40 years of production. The final investment decision was announced in 2011. Installation is scheduled for 2015, with production expected to come on-stream in 2016. Peak production is expected to be 120 thousand boe/d. GUMUSUT-KAKAP (Shell interest 33%; Shell operated) The Gumusut-Kakap field is the first deepwater opportunity for Shell in Malaysia. Lying in water 1,200 m deep, the field is being developed on the basis of a semisubmersible platform with a production capacity of 150 thousand boe/d of oil from 19 subsea wells. The oil will be exported via a 200 km pipeline to a new terminal at Kimanis, Sabah. The gas associated with the oil production will be re-injected into the reservoir to help improve the oil recovery. MARS B (Shell interest 71.5%; Shell operated) The Mars B project will help boost production from the Mars field and bring on-stream two other nearby fields – West Boreas and South Deimos. The fields are located in water depth of around 900 m in the Gulf of Mexico. The Mars B project includes the construction of a new tension-leg platform – the second at the Mars field and the sixth of its type for Shell in the Gulf of Mexico. Production from the new platform, called Olympus, is expected to start around 2015; peak production will be 100 thousand boe/d. The Mars field has been one of Shell’s most important fields over the last 15 years. Yet by the end of 2011, the field still contained around 1.1 billion boe. The Mars B project extends the life of the field to at least 2050. We plan to start development drilling at the site of the Olympus TLP with the Noble Bully One drillship in spring 2012, having taken the final investment decision in September 2011. Shell Investors’ Handbook Summary review NORTH AMERICAN TIGHT GAS AND LIQUIDS-RICH SHALES (Shell interests various; Shell operated) We have an industry-leading portfolio of tight-gas and liquids-rich shale resources in the USA and Canada. Our main regions of operation in the USA are: Eagle Ford, Texas; Marcellus, Pennsylvania and New York; Haynesville, Louisiana; and Pinedale, Wyoming. In Canada they are: Groundbirch, British Colombia; and Deep Basin and Foothills in Alberta. Production from these assets was about 220 thousand boe/d in 2011 and could reach more than 400 thousand boe/d (2.3 bcf/d) by 2015. PRELUDE FLNG (Shell interest 67.5%; Shell operated) In 2011 Shell took its first final investment decision to move ahead with building a floating liquefied natural gas (FLNG) facility. Total production capacity will be 3.6 mtpa of LNG, 1.3 mtpa of condensate and 0.4 mtpa of LPG. The floating processing and storage facility will be moored above an offshore gas field, liquefying the gas produced from the field. Ocean-going carriers will offload the liquefied natural gas, as well as other liquid by-products, for delivery to market. Located more than 200 km offshore Western Australia, the Prelude FLNG facility will be the largest offshore facility in the world, measuring 488 m by 74 m and weighing around 600,000 tonnes when fully loaded. Shell has moved forward rapidly to bring this project to reality; first production of LNG is expected some 10 years after the Prelude gas field has been discovered. SCHIEHALLION (Shell interest 36%) The Schiehallion Redevelopment Project “Quad 204” will replace an existing floating production, storage and offloading unit (FPSO) with a newly built one. In so doing, the project extends the expected life (2023–2047) of the Schiehallion and Loyal deep-water fields west of the Shetland Islands, enabling continued production from the existing wells. The new FPSO will be capable of exporting as much as 130 thousand boe/d and store in excess of 900 thousand boe. The final investment decision for the project was announced in 2011. The FPSO installation is scheduled in 2015, and production is expected to come onstream in 2016. 9
Page 1 and 2: BUILDING AN ENERGY FUTURE INVESTORS
Page 3 and 4: INTRODUCTION FROM THE CEO My collea
Page 5 and 6: HIGHLIGHTS 2011 FIRST QUARTER SECON
Page 7 and 8: Shell Investors’ Handbook Summary
Page 9: FINANCIAL FRAMEWORK assuming that t
Page 13 and 14: RESULTS 2007-2011 REVENUE $ million
Page 15 and 16: She Sh She Shell ll l In Inve ves e
Page 17 and 18: PHILIPPINES In October 2010, Shell
Page 19 and 20: TIGHT GAS AND LIQUIDS-RICH SHALES A
Page 21 and 22: At Shell, we are proud of our leade
Page 23 and 24: PROVED RESERVES In 2011, Shell adde
Page 25 and 26: AFRICA HIGHLIGHTS � Production am
Page 27 and 28: since October 2001. A pipeline expa
Page 29 and 30: OCEANIA HIGHLIGHTS � Production a
Page 31 and 32: The 2010 drilling moratorium in the
Page 33 and 34: DOWNSTREAM HIGHLIGHTS � Made good
Page 35 and 36: SUPPLY AND DISTRIBUTION A network o
Page 37 and 38: LUBRICANTS For the fifth consecutiv
Page 39 and 40: growth projects with partners and d
Page 41 and 42: In 2011, Shell and Cosan launched t
Page 43 and 44: Shell’s growth profile has recent
Page 45 and 46: CORPORATE SEGMENT The Corporate seg
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Page 49 and 50: GABON SAO TOME AND PRINCIPE SÃO TO
Page 51 and 52: SYRIA AND TURKEY [A] ANTALYA Antaly
Page 53 and 54: BRUNEI AND EAST MALAYSIA " " " " "
Page 55 and 56: AMERICAS NORTH-WEST USA Washington
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CONSOLIDATED STATEMENT OF CASH FLOW
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Shell Investors’ Handbook Consoli
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CAPITAL EMPLOYED [A] (AT DECEMBER 3
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UPSTREAM DATA UPSTREAM EARNINGS 201
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OIL AND GAS EXPLORATION AND PRODUCT
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2007 $ MILLION Revenue: OIL SANDS U
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Changes The tables present changes
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OIL, GAS, SYNTHETIC CRUDE OIL AND B
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TOTAL PRODUCTION AVAILABLE FOR SALE
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OIL AND GAS ACREAGE [A][B] (AT DECE
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DOWNSTREAM DATA OIL PRODUCTS AND RE
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OIL SALES AND RETAIL SITES OIL PROD
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SHELL SHARE PRODUCTION CAPACITY BY
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DIVIDENDS POLICY Shell’s policy i
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FINANCIAL CALENDAR Financial year e
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ADDRESSES REGISTERED OFFICE Royal D
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