Shell oil and gas exploration summary Report

Company Report 12 June 2023

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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 cash flows for at least the next decade, simplifying and high grading the portfolio along the way. 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
Production and potential cost of production
Value creation
- Namibia success creates significant upside
- Deepwater GoM continues to drive value creation
- Valuable near-field exploration

Tables and charts

This report includes 17 images and tables including:

Shell's current acreage - top 15 countries (in km2)
Net exploration and appraisal wells by country
Exploration & appraisal spend and reinvestment

Exploration success rates
Largest 10 conventional discoveries (net, 2013 to 2022)
Volumes discovered by year
Volumes discovered by water depth
Volumes discovered by country
Volumes discovered by basin
Production from new field discoveries, and as a proportion of all future production
Finding and development costs for added resources
Full-cycle economics
Top 10 conventional discoveries by development value (2013-2022)
Conventional value and spend by country
Exploration returns by water depth
Conventional value creation
Exploration returns by year