Shell oil and gas exploration summary Report

Company Report 20 June 2025

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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 strategy remains focused on embracing the energy transition, with upstream oil and gas funding the transformation of the company’s portfolio. 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.

Exploration strategy
Results summary
Current portfolio and exploration outlook
- Emerging and frontier acreage
- Heartland Acreage
- Portfolio optimisation
Production and potential cost of production
Value creation
- Deepwater GoA (GoM) accounts for two thirds of Shell’s development value across the decade
- Lower cost exploration in Oman helps deliver significant value
- Near-field exploration continues to deliver value globally

Tables and charts

This report includes the following images and tables:

Shell's current acreage - top 15 countries (in km2)
Production from new field discoveries, and as a proportion of all future production
Finding and development costs for added resources