Company Report
Shell oil and gas exploration summary
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Shell's exploration strategy is guided by a clear and consistent principle: value over volume. The company has systematically high-graded its portfolio, exiting non-core and lower-margin positions in favour of assets that offer cost-competitive, low-emission barrels capable of generating resilient returns across a range of price environments. No matter how the transition unfolds over the next decade, upstream will remain core: Shell plans to sustain investment and production for at least the next decade. It has re-engineered its traditional oil and gas businesses to withstand supply-demand disruption and price volatility.
Table of contents
- Exploration strategy
- Results summary
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Current portfolio and exploration outlook
- Emerging and frontier acreage
- Heartland Acreage
- Portfolio optimisation
- Production and potential cost of production
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Value creation
- Deepwater GoM (GoA) accounts for two thirds of Shell’s development value across the decade
- Near-field exploration continues to deliver value globally
- Lower cost onshore exploration in Oman helps deliver material value
Tables and charts
This report includes the following images and tables:
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Shell's current acreage - top 15 countries (in km2)Production from new field discoveries, and as a proportion of all future productionFinding and development costs for added resources
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Full-cycle economicsTop 10 conventional discoveries by development value (2016-2025)Net exploration and appraisal wells by countryExploration & appraisal spend and reinvestmentExploration success ratesLargest 10 conventional discoveries (net, 2015 to 2024)Volumes discovered by yearVolumes discovered by water depthVolumes discovered by country
- 5 more item(s)...
What's included
This report contains:
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