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The Draugen platform (photo)

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.
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KEY STATISTICS

 

2011

2010

2009

2008

2007

[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 ($ million)

 

 

 

 

 

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 identified items ($ million)

20,600

14,442

8,488

23,019

16,623

Upstream cash flow 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

UPSTREAM EARNINGS [A]
$ billion

Upstream earnings ($ billion) – development from 2007 to 2011 (bar chart)

[A] Excluding identified items.

PRODUCTION
million tonnes
million boe/d

Production (million boe/d and million tonnes) – development from 2007 to 2011 for Liquids and Gas (bar chart)