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Proved reserves and proved undeveloped reserves

Proved developed and undeveloped reserves of Shell subsidiaries and Shell share of joint ventures and associates

 

Crude oil and natural gas liquids
(million barrels)

Synthetic crude oil
(million barrels)

Natural gas
(thousand million scf)

Total
(million boe) [A]

Shell subsidiaries

 

 

 

 

Increase/(decrease) in 2022:

 

 

 

 

Revisions and reclassifications

137

(25)

(31)

107

Improved recovery

32

32

Extensions and discoveries

61

1,270

280

Purchases and sales of minerals in place

66

240

662

420

Total before taking production into account

296

215

1,901

839

Production [B]

(504)

(17)

(2,648)

(978)

Total

(208)

198

(747)

(139)

At January 1, 2022

3,820

533

23,795

8,456

At December 31, 2022

3,612

731

23,048

8,317

Shell share of joint ventures and associates

 

 

 

 

Increase/(decrease) in 2022:

 

 

 

 

Revisions and reclassifications

(25)

(733)

(152)

Improved recovery

Extensions and discoveries

4

80

18

Purchases and sales of minerals in place

159

2,549

599

Total before taking production into account

138

1,896

465

Production [C]

(29)

(486)

(113)

Total

109

1,410

352

At January 1, 2022

228

3,949

909

At December 31, 2022

337

5,359

1,261

Total

Increase/(decrease) before taking production into account

434

215

3,797

1,304

Production

(533)

(17)

(3,134)

(1,091)

Increase/(decrease)

(99)

198

663

213

At January 1, 2022

4,048

533

27,744

9,365

At December 31, 2022

3,949

731

28,407

9,578

Reserves attributable to non-controlling interest in Shell subsidiaries at December 31, 2022

365

365

[A]

Natural gas volumes are converted into oil equivalent using a factor of 5,800 standard cubic feet (scf) per barrel.

[B]

Included 40 million boe consumed in operations (natural gas: 228 thousand million scf; synthetic crude oil: 1 million barrels).

[C]

Included 5 million boe consumed in operations (natural gas: 31 thousand million scf).

Proved reserves

The proved oil and gas reserves of Shell subsidiaries and the Shell share of the proved oil and gas reserves of joint ventures and associates are set out in more detail in “Supplementary Information – Oil and Gas (unaudited)”.

Before taking production into account, our proved reserves increased by 1,304 million boe in 2022. This consisted of an increase of
839 million boe from Shell subsidiaries and an increase of 465 million boe from the Shell share of joint ventures and associates. After taking production into account, our proved reserves increased by 213 million boe in 2022 to 9,578 million boe at December 31, 2022.

Shell subsidiaries

Before taking production into account, Shell subsidiaries’ proved reserves increased by 839 million boe in 2022. This consisted of an increase of 296 million barrels of crude oil and natural gas liquids, an increase of 328 million boe (1,901 thousand million scf) of natural gas and an increase of 215 million barrels of synthetic crude oil. The 839 million boe increase is the net effect of a net increase of 107 million boe from revisions and reclassifications, an increase of 280 million boe from extensions and discoveries, an increase of 32 million boe from improved recovery, and a net increase of 420 million boe related to purchases and sales of minerals in place.

After taking into account production of 978 million boe (of which 40 million boe were consumed in operations), Shell subsidiaries’ proved reserves decreased by 139 million boe in 2022 to 8,317 million boe. In 2022, Shell's subsidiaries proved developed reserves (PD) decreased by 519 million boe to 6,221 million boe and proved undeveloped reserves (PUD) increased by 380 million boe to 2,096 million boe. 

Shell share of joint ventures and associates

Before taking production into account, the Shell share of joint ventures and associates’ proved reserves increased by 465 million boe in 2022. This consisted of an increase of 138 million barrels of crude oil and natural gas liquids and an increase of 327 million boe (1,896 thousand million scf) of natural gas. The 465 million boe increase comprised a net decrease of 152 million boe from revisions and reclassifications, an increase of 18 million boe from extensions and discoveries and an increase of 599 million boe from purchase of minerals in place.

After taking into account production of 113 million boe (of which 5 million boe were consumed in operations), the Shell share of joint ventures and associates’ proved reserves increased by 352 million boe to 1,261 million boe at December 31, 2022.

The Shell share of joint ventures and associates’ proved developed reserves (PD) decreased by 193 million boe to 608 million boe, and proved undeveloped reserves (PUD) increased by 545 million boe to 653 million boe.

For further information, see “Supplementary Information – oil and gas (unaudited)”.

Proved undeveloped reserves

In 2022, Shell subsidiaries and the Shell share of joint ventures and associates’ PUD increased by 925 million boe to 2,749 million boe. There were decreases of 331 million boe as a result of maturation to PD, mainly 39 million boe in Mero (Brazil), 31 million boe in Pierce (UK), and 261 million boe spread across other fields. This was a decrease of 116 million boe as a result of revisions, reclassifications and entitlement changes, which were mainly because of the de-recognition of reserves in Russia and de-maturation of some PUD wells in British Columbia, Canada, after regulator authorisations were suspended in 2022. These were offset by an increase of 301 million as a result of de-maturation of PD to PUD, mainly due to 262 million boe in Kashagan (Kazakhstan), where a new slug catcher needs to be installed, an increase of 32 million boe due to improved recovery, a net increase of 741 million boe due to purchases and sales of minerals in place and a net increase of 298 million boe due to extensions and discoveries, mainly due to 102 million boe in Crux (Australia), 78 million boe in Marjoram (Malaysia), and 118 million boe spread across other fields. 

In addition to the maturation of 331 million boe from PUD to PD, 126 million boe was matured to PD from contingent resources through PUD as a result of project execution during the year.

PUD held for five years or more (PUD5+) at December 31, 2022, amounted to 156 million boe, a decrease of 82 million boe compared with the end of 2021. The decrease in PUD5+ during 2022 was driven mainly by changes in Lunskoye (Russia) and Kolo Creek (Nigeria).

The fields with the largest PUD5+ on December 31, 2022, were Gorgon (Australia) and Tupi (Brazil). These PUD5+ remain undeveloped because of the complexity and scale of the project (Australia) or because ongoing development requires the ongoing drilling of additional wells (Brazil).

During 2022, we spent $5.8 billion on development activities related to PUD maturation.

Summary of proved oil and gas reserves of Shell subsidiaries and Shell share of joint ventures and associates (at December 31, 2022)

 

 

Based on average prices for 2022

 

Crude oil and natural gas liquids
(million barrels)

Natural gas
(thousand million scf)

Synthetic crude oil
(million barrels)

Total
(million boe) [A]

Proved developed

 

 

 

 

Europe

143

2,635

597

Asia

1,153

8,959

2,698

Oceania

73

4,240

804

Africa

187

984

356

North America

 

 

 

 

USA

356

275

404

Canada

3

712

731

857

South America

838

1,589

1,113

Total proved developed

2,753

19,394

731

6,829

Proved undeveloped

 

 

 

 

Europe

52

424

125

Asia

585

5,127

1,469

Oceania

33

1,878

356

Africa

31

857

179

North America

 

 

 

 

USA

187

246

229

Canada

1

244

43

South America

307

237

348

Total proved undeveloped

1,196

9,013

2,749

Total proved developed and undeveloped

 

 

 

 

Europe

195

3,059

722

Asia

1,738

14,086

4,167

Oceania

106

6,118

1,160

Africa

218

1,841

535

North America

 

 

 

 

USA

543

521

633

Canada

4

956

731

900

South America

1,145

1,826

1,461

Total

3,949

28,407

731

9,578

Reserves attributable to non-controlling interest in Shell subsidiaries

 

 

365

365

[A]

Natural gas volumes are converted into oil equivalent using a factor of 5,800 scf per barrel.

boe(/d)
barrels of oil equivalent (per day); natural gas volumes are converted into oil equivalent using a factor of 5,800 scf per barrel
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scf(/d)
standard cubic feet (per day)
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