Capital expenditure and portfolio
Cash capital expenditure
Cash capital expenditure in 2021 was $5,767 million, compared with $4,301 million in 2020. The increase was mainly due to growth in our Renewables and Energy Solutions businesses. Our cash capital expenditure is expected to be around $8 billion in 2022.
Portfolio and business development
Key portfolio events included the following:
- In March 2021, we completed the sale of a 26.25% interest in the Queensland Curtis LNG Common Facilities to Global Infrastructure Partners Australia for $2.5 billion.
- In June 2021, Atlantic Shores Offshore Wind, our 50:50 joint venture with EDF Renewables North America, was awarded rights to provide 1.5 GW of renewable offshore wind power to New Jersey, USA.
- In July 2021, we signed a memorandum of understanding with Deutsche Telekom to advance digital innovation as both companies accelerate their transitions to net-zero emissions.
- In July 2021, we started production in Block 5C in the East Coast Marine Area off the coast of Trinidad and Tobago.
- In December 2021, we completed the acquisition of Savion LLC, a large utility-scale solar and energy storage developer in the USA.
- In December 2021, we signed a gas concession agreement for Block 10 in Oman.
- In January 2022, we announced that Shell and ScottishPower had won bids to develop 5 GW of floating wind power in the UK.
- In January 2022, we started operations at the power-to-hydrogen electrolyser in China.
- In February 2022, we completed the acquisition of online energy retailer Powershop Australia which was announced in November 2021.
- In February 2022, Atlantic Shores Offshore Wind, our 50:50 joint venture with EDF Renewables North America, became the provisional winner of acreage in the New York Bight offshore wind auction, USA.
- In February 2022, we announced our intention to exit our joint ventures with Gazprom and related entities, including our 27.5% interest in Sakhalin-2 and involvement in the Nord Stream 2 pipeline project. For more information, see Note 32 to the “Consolidated Financial Statements”.