Full publication: PDF (92 pages), XLS (95 tables) - Reports - Shell

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UPSTREAM
HIGHLIGHTS
� Produced 3.2 million boe/d of oil and gas.
� Sold 18.8 million tonnes of LNG.
� Added 1.2 billion boe proved reserves (excluding the year’s production).
� Discovered notable fields offshore French Guiana (Zaedyus, with more than 300 million
boe potential on a 100% basis) and offshore Australia (Vos, Satyr and Acme West).
� Brought on-stream three major projects – Qatargas 4, Pearl GTL and AOSP Expansion
Phase 1.
� Took 12 final investment decisions: Prelude, North West Shelf – Greater West
Flank Phase 1 and Wheatstone LNG in Australia; Clair Phase 2 and Schiehallion
Redevelopment in the UK; Sabah Gas Kebabangan in Malaysia; AOSP
Debottlenecking, Cardamom and four tight-gas final investments decisions in North
America.
� Acquired a 30% interest in the Masela production-sharing contract in Indonesia for
some $0.9 billion, thereby acquiring a stake in the Abadi field.
� Signed an agreement with the China National Petroleum Corporation to establish a
50:50 well-manufacturing joint venture.
� Acquired Bow Energy through Arrow Energy LNG for some $0.3 billion (Shell share
of funding).
� Divested interests in several Upstream assets, including the Rio Grande Valley south
Texas assets in the USA; the natural gas transport infrastructure joint venture Gassled
in Norway; Pecten Cameroon Company LLC; and Oil Mining Leases 26 and 42 and
related facilities in Nigeria.
KEY STATISTICS
Upstream earnings ($ million)
2011 2010 2009 2008 2007
Upstream International 19,697 15,205 7,209 19,298 12,453
Upstream Americas 4,758 730 1,145 7,208 5,641
Total Upstream earnings ($ million) 24,455 15,935 8,354 26,506 18,094
of which Integrated gas 7,279 5,727 1,785 4,093 3,144
Total Upstream earnings excluding identifi ed items
($ million) 20,600 14,442 8,488 23,019 16,623
Upstream cash fl ow from operations ($ million) [A] 33,281 24,526 18,445 35,448 25,870
Liquids production (thousand b/d) [B][C] 1,551 1,637 1,600 1,693 1,818
Natural gas production (million scf/d) [B] 8,986 9,305 8,483 8,569 8,214
Synthetic oil production (thousand b/d) [B] 115 72 80 – –
Mined oil sands production (thousand b/d) [B] – – – 78 81
Total production (thousand boe/d) [B][D] 3,215 3,314 3,142 3,248 3,315
Equity LNG sales volume (million tonnes) 18.8 16.8 13.4 13.1 13.2
Upstream net capital investment ($ million) 19,083 21,222 22,326 28,257 13,555
Upstream capital employed ($ million) 126,437 113,631 98,826 83,997 71,711
Upstream employees (thousands) 27 26 23 22 22
[A] Excludes net working capital movements.
[B] Available for sale.
[C] Includes bitumen production.
[D] Natural gas volumes are converted to oil equivalent using a factor of 5,800 scf per barrel.
UPSTREAM EARNINGS [A]
$ billion
25
20
15
10
5
0
PRODUCTION
million boe/d million tonnes
4
3
2
1
0
2007
2008 2009
Excluding integrated gas
Integrated gas
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2007
Liquids
Gas
2008
LNG sales volumes
(million tonnes)
2009
2010
2010
2011
2011
20
15
10
5
0