On Thursday October 31, 2019 at 07.00 GMT (08.00 CET and 03.00 EDT) Royal Dutch Shell plc released its third quarter results and third quarter interim dividend announcement for 2019.
Jessica Uhl, Chief Financial Officer of Royal Dutch Shell plc hosted a live audio webcast of the third quarter 2019 results.
The full results can be found on https://www.shell.com/results
Nicola Mining Inc. Corporate Presentation May 2024
Royal Dutch Shell third quarter 2019 results
1. Royal Dutch Shell | October 31, 2019
Royal Dutch Shell plc
#MakeTheFuture
THIRD QUARTER
2019 RESULTS
Delivering a world-class investment case
October 31, 2019
2. Royal Dutch Shell | October 31, 2019Royal Dutch Shell | October 31, 2019
Jessica Uhl
Chief Financial Officer
3. Royal Dutch Shell | October 31, 2019
Gearing is defined as net debt (current and non-current debt less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risks relating to debt, and associated collateral balances)
as a percentage of total capital (net debt plus total equity). Free Cash Flow is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”. Organic free cash flow is defined as free cash flow excluding inorganic capital
investment and divestment proceeds. Cash flow from operating activities excluding working capital movements is defined as “Cash flow from operating activities” less the sum of the following items in the Consolidated Statement of Cash Flows: (i)
(increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables. ROACE on a CCS basis excluding identified items is defined as the sum of CCS earnings excluding identified items for the current
and previous three quarters, adjusted for after-tax interest expense, expressed as a percentage of the average capital employed for the same period. The after-tax interest expense is calculated using the effective tax rate for the same period. Capital employed
consists of total equity, current debt and non-current debt. Presented ROACE (return on average capital employed) is ROACE on a CCS basis excluding identified items unless stated otherwise. Historical ROACE for individual segments presented as reported
(not restated for Q1 2019 definition change). Earnings on a current cost of supplies basis (CCS earnings) is the income for the period, adjusted for the after-tax effect of oil-price changes on inventory. Presented earnings is CCS earnings attributable to
shareholders excluding identified items unless stated otherwise. Basic CCS earnings per share is calculated by dividing CCS earnings attributable to shareholders by the average number of shares outstanding over the year. Presented earnings per share is basic
CCS earnings per share excluding identified items unless stated otherwise. Cash capital expenditure was introduced with effect from January 1, 2019, comprising the following lines from the Consolidated Statement of Cash Flows: Capital expenditure,
Investments in joint ventures and associates and Investments in equity securities. Reconciliations of the above non-GAAP measures are included in the Royal Dutch Shell plc Unaudited Condensed Interim Financial Report for the three and nine-month periods
ended October 31, 2019.
This presentation contains the following forward-looking non-GAAP measures: Organic Free Cash Flow, Cash Capital Expenditure, Gearing, ROACE, Capital Employed and Divestments. We are unable to provide a reconciliation of the above forward-looking
non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile the above non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some which are outside
the control of the company, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures consistent with the company accounting policies and the required precision necessary to provide a meaningful reconciliation is
extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measures are calculated in a manner which is consistent with
the accounting policies applied in Royal Dutch Shell plc’s financial statements. The presented 2020 outlook is an average for 2019-2021. All forward-looking numbers are on an IFRS 16 basis unless stated otherwise. 2020 presented organic free cash flow range
of $28-33 billion is equivalent to $25-30 billion on an IAS 17 basis. 2020 presented cash capex range of $24-29 billion is equivalent to the previous outlook of $25-30 billion capital investment on an IAS 17 basis. The companies in which Royal Dutch Shell plc
directly and indirectly owns investments are separate legal entities. In this presentation “Shell”, “Shell Group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general.
Likewise, the words “we”, “us” and “our” are also used to refer to Royal Dutch Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities.
‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this presentation refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are
generally referred to as “joint ventures” and “joint operations”, respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the
direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than
statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown
risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of
Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”,
‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. There are a number of factors
that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this presentation, including (without limitation): (a) price fluctuations in crude oil and
natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the
identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and
regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts
with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous
dividend payments. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking
statements. Additional risk factors that may affect future results are contained in Royal Dutch Shell’s Form 20-F for the year ended December 31, 2018 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-
looking statements contained in this presentation and should be considered by the reader. Each forward-looking statement speaks only as of the date of this presentation, October 31, 2019. Neither Royal Dutch Shell plc nor any of its subsidiaries undertake any
obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements
contained in this presentation. We may have used certain terms, such as resources, in this presentation that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. U.S. investors are urged to
consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.
3
Definitions & cautionary note
4. Royal Dutch Shell | October 31, 2019
Thrive in
the energy
transition
World-class
investment case
Strong
licence
to operate
Royal Dutch Shell | October 31, 2019
◼ Q3 2019
Continued strong cash flow generation
Strong earnings driven by Integrated Gas and Oil Products
Macro environment continues to be challenging
◼ Business delivery
Resilient value creation from leading LNG portfolio
Marketing delivering on growth strategy
Divestment progress for 2019 on track
◼ Energy Transition
Nature Based Solutions (NBS) launch in the UK
Shell’s leadership position in the Energy Transition highlighted
4
Key messages
5. Royal Dutch Shell | October 31, 2019Royal Dutch Shell | October 31, 2019 5
Project delivery Portfolio delivery
Q3 2019
Progressing
delivery for
2019-20
Additional cash flow from operations from new projects in 2020 compares with 2018 with pricing assumption of $60 per barrel real terms 2016, mid-cycle Downstream.
ERM Power acquisition subject to completion.
On track to deliver additional $5 billion
CFFO from new projects by end of 2020
FIDs Start-ups
2 4
◼ Final investment decisions taken:
◼ Pierce Depressurisation, 8th UK Continental Shelf FID
since 2018, peak production >30 thousand boe/d
◼ PowerNap tie-back in the US Gulf of Mexico,
unlocking 35 thousand boe/d
Growth
opportunities
Divestments
3 3
◼ Growth:
◼ Brazil 16th bid round – 2 new exploration blocks
◼ Oman exploration and production sharing
agreement for Block 55
◼ ERM Power acquisition in Australia
On track to deliver >$5 billion divestments
per annum in 2019 and 2020
◼ Start-ups:
◼ Forcados Yokri Integrated project in Nigeria
◼ Southern Swamp associated gas project in Nigeria
◼ Gumusut-Kakap Phase 2 in Malaysia
◼ Rabab Harweel Integrated project in Oman
◼ Divestments:
◼ Completion of sale of SASREF refinery joint venture
for $0.6 billion
◼ Dilution of interest in Gato de Mato in Brazil
◼ Dilution of interest in Campeche blocks in Mexico
6. Royal Dutch Shell | October 31, 2019
Cash
generation
Returns
Disciplined
cash allocation
Cash flow from operations
excluding working capital
Free cash flow
Earnings
ROACE
Gearing
Cash capital expenditure
Share buybacks
Q3 2019 average Brent
price: $62/bbl
6
$10.1 billion
◼ Positive working capital movements of $0.2 billion
◼ Of which $6.6 billion organic free cash flow
◼ Earnings impacted by lower price and margin environment
◼ Upside from very strong trading and optimisation results
◼ No material change compared with Q2 2019
◼ Net debt at similar level compared with Q2 2019
◼ Includes $1.4 billion for Elba lease recognition and other equity movements
◼ 2019 cash capital expenditure will be around the lower end of the $24-29 billion
range
◼ Next tranche of up to $2.75 billion announced
◼ Intention to purchase $25 billion by the end of 2020
Q3 2019
Financial highlights: summary
Share buybacks: repurchases completed in Q3 2019, announced tranches do not align with quarters. Share buybacks subject to further progress with debt reduction and macro
conditions.
8.1%
$12.1 billion
$4.8 billion
$6.1 billion
$2.9 billion
27.9%
8. Royal Dutch Shell | October 31, 2019Royal Dutch Shell | October 31, 2019
$ billion
8
CFFO ex. working capital Q3 2018 to Q3 2019
Q3 2019
Financial
highlights:
cash flow
Dividend distributed to RDS shareholders.
$ billion Q3 2018 Q3 2019
of which
IFRS 16
impact
Integrated Gas 3.3 4.2 +0.29
Upstream 6.7 4.4 +0.20
Downstream 1.0 3.2 +0.49
Corporate 1.1 0.4 -
Cash flow from
operations 12.1 12.3 +0.97
Cash flow from
operations
excl. working capital
14.7 12.1 +0.97
Cash flow from
investing activities (4.1) (2.1) +0.16
Free cash flow 8.0 10.1 +1.13
Dividend (3.9) (3.8) -
Interest paid (0.9) (1.1) -0.28
Share buybacks (1.4) (2.9) -
9. Royal Dutch Shell | October 31, 2019
Q3 2019 (4Q rolling)
average Brent price: $66/bbl
FCF
9
$ billion %
Earnings & ROACE
$ billion
Cash flow
$ billion %
Gearing
◼ 4Q rolling earnings of $19 billion, negligible impact
of IFRS 16
◼ ROACE materially unchanged compared with
Q2 2019
◼ $38 billion free cash flow 4Q rolling
◼ $31 billion organic free cash flow 4Q rolling
◼ $3.3 billion free cash flow help from IFRS 16 to date
◼ $7 billion reduction in net debt since end of 2017
◼ Gearing likely to remain >25% during 2020 due to
macro, equity movements and lease recognition
◼ Committed to maintaining AA equivalent credit
metrics
Q3 2019
Financial highlights: trend
4Q rolling numbers include 2018 actuals on IAS 17 basis and 2019 actuals on IFRS 16 basis. Net debt reduction on IAS 17 basis.
Upstream Downstream
CFFICorporate + NCI
ROACE (RHS) ROACE pre-IFRS 16 (RHS)
CFFO
FCF pre-IFRS 16
Net debt (at period-end)
Gearing (RHS) Gearing pre-IFRS 16 (RHS)
IFRS 16 impact
Integrated Gas
IFRS 16 impactIFRS 16 impact
10. Royal Dutch Shell | October 31, 2019 10
Organic free cash flow
Outlook
Organic free cash flow progressing towards 2020 outlook
Organic free cash flow normalised to stable $60 per barrel real terms 2016 oil price environment in 2020, assuming no working capital, COSA or margining movements. Price
effect between current Brent price and 2020 outlook is indicative, calculated using rule-of-thumb.
Organic free cash flow
Working capital movements and IFRS 16 impact
$ billion ◼ 2020 outlook at $60 per barrel real terms 2016, mid-cycle
Downstream
◼ Progressing towards 2020 outlook of $28-33 billion organic
free cash flow
◼ Normalised organic free cash flow excludes effects of IFRS 16
and working capital movements
◼ New projects provide free cash flow growth
◼ Continued ramp-up of Appomattox and Prelude supporting
growth
28
11. Royal Dutch Shell | October 31, 2019Royal Dutch Shell | October 31, 2019
◼ > 70% of LNG sales are subject to long-term contract pricing
◼ Discretionary spot volumes to optimise value from the portfolio
LNG sales in 2018 (mtpa) $ per MMBtu $ per barrel
11
Portfolio composition LNG spot vs. contract pricing
◼ Spot LNG pricing diverging from contract pricing
◼ > 80% of term contracts linked to oil price
Integrated Gas
Resilient value
creation from
leading LNG
portfolio
Quarterly price data based on available market information up to the end of the period.
Spot purchase
Term purchase
Liquefaction volumes
Short-term ‘spot’
Gas hubs (e.g. NBP, HH)
Oil-linked: 3-6 months lag JKM spot
JCC-3 (RHS)
LNG contracting
◼ Effective framework: periodic price reviews ensure sustainability of long-term contracts in a controlled and predictable way
◼ No significant impact from price reviews in 2019 and 2020
◼ Anticipated pricing changes are already factored into 2025 outlook
discretionary
12. Royal Dutch Shell | October 31, 2019Royal Dutch Shell | October 31, 2019 New convenience stores and new sites represent gross numbers which do not include closed stores and sites throughout the period. 12
Retail
Delivering on
growth
strategy in
2019 vs. 2017
Extending our lead as
the world’s largest
mobility retailer
Grow base
> 1,500 new sites in base markets
19% V-PowerTM penetration
Resilient sectors
> 8 million
active cards in the past 12 months
New customers
~1,000
new sites in China, India, Indonesia,
Mexico and Russia
New revenues
> 1,500 new convenience stores
10% higher global non-fuels margin
◼ Shell Select offer available across China
◼ Added 400 new Shell lubricant service bays
◼ Leading role in the handling of electronic tolls for
B2B fleets in Europe
◼ Shell Fleet Solutions volume growth of 32% in
China; entry planned in Mexico and India
◼ Strongest and preferred IOC brand in China
◼ 100% growth in loyalty members in China in 2019
◼ Added 10 million new customers to our loyalty
programmes worldwide
◼ EV fast-charging through Shell Recharge in 5
markets and growing
13. Royal Dutch Shell | October 31, 2019
Thrive in
the energy
transition
World-class
investment case
Strong
licence
to operate
Royal Dutch Shell | October 31, 2019
◼ Q3 2019
Continued strong cash flow generation
Strong earnings driven by Integrated Gas and Oil Products
Macro environment continues to be challenging
◼ Business delivery
Resilient value creation from leading LNG portfolio
Marketing delivering on growth strategy
Divestment progress for 2019 on track
◼ Energy Transition
Nature Based Solutions (NBS) launch in the UK
Shell’s leadership position in the Energy Transition highlighted
13
Summary
14. Royal Dutch Shell | October 31, 2019
Q&A
Royal Dutch Shell | October 31, 2019
Chief Financial Officer
Jessica Uhl
15.
16. Royal Dutch Shell | October 31, 2019
Integrated Gas
◼ Production is expected to be 920–970 thousand boe/d
◼ LNG liquefaction volumes are expected to be 8.8–9.4 million tonnes
Upstream
◼ Production is expected to be 2,650–2,800 thousand boe/d
Downstream
◼ Refinery availability is expected to be 87%–92%
◼ Oil Products sales volumes are expected to be 6,650–7,050 thousand boe/d
◼ Chemicals manufacturing plant availability is expected to be in the range 81%–86%
2019 OUTLOOK:
◼ Corporate segment earnings excluding identified items are expected to be a net expense of $2,900–3,200 million for the full year 2019. This excludes the impact of
currency exchange rate effects.
◼ Full year 2019 Cash capital expenditure is expected to be around the lower end of the $24–29 billion range
16
Outlook
Q4 2019 outlook
17. Royal Dutch Shell | October 31, 2019 17
$ per barrel $ per mscf
Shell oil & gas realisations
$ per barrel
Industry refining margins
$ per tonne
Industry chemicals margins
Q3 2019
Prices and margins
Oil
Gas (RHS)
US West Coast
Rotterdam complex
US Gulf Coast coking
Singapore
US ethane
Western Europe naphtha
NE/SE Asia naphtha
18. Royal Dutch Shell | October 31, 2019Royal Dutch Shell | October 31, 2019Royal Dutch Shell | October 31, 2019
Earnings Q3 2018 to Q3 2019
18
Q3 2019
Integrated Gas
results
Individual categories presented excluding IFRS 16 impact; IFRS 16 impact on individual categories: Prices & margins +$0.16bln, Cost +$0.04bln, DD&A -$0.15bln.
Environment Choice
$ billion
19. Royal Dutch Shell | October 31, 2019Royal Dutch Shell | October 31, 2019Royal Dutch Shell | October 31, 2019
Earnings Q3 2018 to Q3 2019
19
Q3 2019
Upstream
results
Individual categories presented excluding IFRS 16 impact; IFRS 16 impact on individual categories: Prices & margins +$0.02bln, Cost +$0.13bln, DD&A -$0.10bln, Other -$0.03.
Environment Choice
$ billion
21. Royal Dutch Shell | October 31, 2019
Cash
generation
Returns
Disciplined
cash allocation
Cash flow from operations
excluding working capital
Free cash flow
Earnings
ROACE
Gearing
Cash capital expenditure
Share buybacks
Post-IFRS 16 Pre-IFRS 16
21
$10.1 billion
◼ $1.0 billion, as lease payments now reported in CFFF
◼ $Operating lease costs reported as depreciation and interest; non-material
net negative impact of $55 million
◼ Operating lease costs reported as depreciation and interest; non-material
net negative impact of $55 million
◼ 0.2% due to higher closing capital employed
◼ 4.4% as $15.6 billion additional lease liabilities recorded on balance sheet
◼ New performance measure; adds capital spend transparency and allows
visibility for underlying capital costs excluding leases
Q3 2019
Financial highlights: IFRS 16 impact
8.1%
$12.1 billion
$4.8 billion
$6.1 billion
$2.9 billion
27.9%
$9.0 billion
8.3%
$11.1 billion
$4.8 billion
$2.9 billion
23.5%
22. Royal Dutch Shell | October 31, 2019
Start-up Project Country
Shell share [A]
%
Peak production
100% kboe/d
LNG capacity
100% mtpa
Products
100% capacity
Power output
100% MW
Theme
Shell
operated
2019-2020 Atapu 1 (P-70) Brazil 4 150 Deep Water
Bakong / Gorek / Larak (SK408) Malaysia 30 75 Conventional Oil and Gas P
Berbigão and Sururu SW (P-68) [B] Brazil 25 150 Deep Water
EA Further Development Nigeria 30 35 Conventional Oil and Gas
Permian & Fox Creek [C] United States & Canada various ~250 Shales P
Tempa Rossa Italy 25 50 Conventional Oil and Gas
Vaca Muerta basin [D] Argentina ~90 ~70 Shales P
2021+ Arran United Kingdom 45 30 Conventional Oil and Gas P
Assa North Nigeria 30 60 Conventional Oil and Gas P
Borssele 3 & 4 The Netherlands 20 732 Power
Delga Solar [E] Australia 100 120 Power P
Gorgon - Jansz infill Australia 25 maintain capacity Integrated Gas
KBB Ph 2 Malaysia 30 60 Conventional Oil and Gas
LNG Canada T1-2 Canada 40 14 Integrated Gas
Mero 1 [B] Brazil 20 180 Deep Water
Mero 2 [B] Brazil 20 180 Deep Water
P-71 [B] Brazil 25 150 Deep Water
Pegaga Malaysia 20 95 Conventional Oil and Gas
Penguins Redevelopment United Kingdom 50 45 Conventional Oil and Gas P
Pennsylvania cracker United States 100 1.5 mtpa C2 Chemicals P
Pierce Depressurisation United Kingdom 93 20 Conventional Oil and Gas P
PowerNap United States 100 35 Deep Water P
Troll Ph3 Norway 8 255 Conventional Oil and Gas
Vito United States 63 100 Deep Water P
Projects under construction
22
[A] Direct and indirect share. [B] The Brazil accumulations are subject to unitisation agreements; production shown is FPSO oil capacity as per operator. [C] Permian and Fox Creek
production represents Shell entitlement share of production and is the peak production expected between 2017 and 2019, includes operated and non-operated positions.
[D] Sierras Blancas and Cruz de Lorena at 90% Shell share, Coiron Amargo SO at 80% Shell share. [E] Post-FID; pre-construction.
2019-20 Shell share: >250 kboe/d
2021+ Shell share: >300 kboe/d, 5.6 mtpa LNG
1.5 mtpa ethylene
23. Royal Dutch Shell | October 31, 2019
Phase Project Country
Shell share [A]
%
Peak production
100% kboe/d
LNG capacity
100% mtpa
Products
100% capacity
Power output
100% MW
Theme
Shell
operated
Define Barracuda backfill Trinidad & Tobago 100 25 Integrated Gas P
Bonga South West Nigeria 43 175 Deep Water P
Gbaran Ph3 Nigeria 30 45 Conventional Oil and Gas P
Gumusut-Kakap Ph3 Malaysia 29 40 Deep Water
Jackdaw United Kingdom 74 40 Conventional Oil and Gas P
Jerun Malaysia 30 95 Conventional Oil and Gas
Lake Charles LNG United States 50 16.8 Integrated Gas P
NLNG T7 Nigeria 26 7.4 Integrated Gas
Prelude - Crux Australia 82 maintain capacity Integrated Gas P
Salym Southern Hub Russia 50 65 Conventional Oil and Gas
Uzu Development Nigeria 30 45 Conventional Oil and Gas P
Val d’Agri Wave 2 Italy 39 20 Conventional Oil and Gas
Whale United States 60 100 Deep Water P
Assess/Select
(continues)
Abadi Indonesia 35 244 9.5 Integrated Gas
Arrow backfill Australia 50 maintain capacity Integrated Gas
Atlantic Shores Offshore Wind United States 50 2500 Power
Bonga Main Life Extension & Upgrade Nigeria 55 80 Deep Water P
Bonga North Tranche 1 Nigeria 55 120 Deep Water P
Bukom upgrade Singapore 100 Gasoline Oil Products P
Cambo United Kingdom 30 30 Conventional Oil and Gas
Clair South United Kingdom 28 60 Conventional Oil and Gas
Colibri backfill Trinidad & Tobago 87 35 Integrated Gas P
Dover United States 100 [C] Deep Water P
East Med Egypt 35 115 Conventional Oil and Gas
Fort Sumter United States 100 [C] Deep Water P
Gato do Mato Brazil 80 100 Deep Water P
Gorgon - Jansz compression Australia 25 maintain capacity Integrated Gas
Pre-FID options (1)
23[A] Direct and indirect share. [B] The Brazil accumulations are subject to unitisation agreements; production shown is FPSO oil capacity as per operator. [C] To be confirmed.
Shell share potential: >1000 kboe/d
~24 mtpa LNG
~2 GW
24. Royal Dutch Shell | October 31, 2019
Phase Project Country
Shell share [A]
%
Peak production
100% kboe/d
LNG capacity
100% mtpa
Products
100% capacity
Power output
100% MW
Theme
Shell
operated
Assess/Select
(continued)
HA Development Nigeria 30 60 Conventional Oil and Gas P
Harmattan Deep Egypt 60 25 Conventional Oil and Gas
HI Development Nigeria 40 75 Conventional Oil and Gas P
Karachaganak Expansion 1A Kazakhstan 29 35 Conventional Oil and Gas
Karachaganak Expansion 1B Kazakhstan 29 30 Conventional Oil and Gas
Kashagan CFP Kazakhstan 17 35 Conventional Oil and Gas
Kashagan Future Gas Expansion PhA Kazakhstan 17 185 Conventional Oil and Gas
LNG Canada Expansion Canada 40 14 Integrated Gas
Marjoram/Rosmari Malaysia 75 100 Conventional Oil and Gas P
Mayflower Offshore Wind United States 50 1600 Power
Mero 3 [B] Brazil 20 180 Deep Water
Mero 4 [B] Brazil 20 180 Deep Water
Merpati - Meragi Brunei 50 35 Conventional Oil and Gas
Moerdijk NWE efficiency project The Netherlands 100 Ethylene Chemicals P
Nebras Iraq [C] [C] Chemicals [C]
Norco upgrade United States 100 Gasoline Oil Products P
NWS - Browse backfill Australia 27 [C] Integrated Gas
Okpokunou Cluster Development Nigeria 24 85 Conventional Oil and Gas P
Oman Integrated GTL Oman [C] [C] [C] Integrated Gas P
Ormen Lange Ph3 Norway 18 80 Conventional Oil and Gas P
Sakhalin T3 Russia 28 5.4 Integrated Gas
Tanzania Tanzania 30 [C] 12 Integrated Gas P
Timi Malaysia 75 40 Conventional Oil and Gas
Val d’Agri Wave 3 Italy 39 55 Conventional Oil and Gas
Pre-FID options (2)
24[A] Direct and indirect share. [B] The Brazil accumulations are subject to unitisation agreements; production shown is FPSO oil capacity as per operator. [C] To be confirmed.
Shell share potential: >1000 kboe/d
~24 mtpa LNG
~2 GW