Our Upstream businesses explore for and extract crude oil and natural gas, often in joint arrangements with international and national oil and gas companies. This includes the extraction of bitumen from mined oil sands which we convert into synthetic crude oil. We liquefy natural gas by cooling it and transport the liquefied natural gas (LNG) to customers around the world. We also convert natural gas to liquids (GTL) to provide high-quality fuels and other products, and we market and trade crude oil and natural gas (including LNG) in support of our Upstream businesses.
In 2014, Shell Upstream
- produced 3.1 million barrels of oil equivalent per day (boe/d) and gas;
- sold 24.0 million tonnes of liquefied natural gas (LNG), an increase of more than 20% compared to 2013;
- had 10 frontier and heartlands discoveries and successful appraisals in exploration;
- started production from four operated deep-water projects: Mars B and Cardamom in the Gulf of Mexico, Bonga North West in Nigeria and Gumusut-Kakap in Malaysia;
- took final investment decisions on three key projects: Maharaja Lela South in Brunei, Bonga Main Phase 3 in Nigeria and Coulomb Phase 2 in the USA;
- completed the acquisition of Repsol S.A.’s LNG portfolio, including LNG supply positions in Peru and in Trinidad and Tobago;
- completed the sale of its interest in the Wheatstone-lago joint venture, including the Wheatstone LNG project and a partial selldown of shares in Woodside;
- completed a review of its portfolio and strategy in Upstream Americas tight gas and liquids-rich shale. Major divestments of non-core positions, including our Haynesville, Pinedale, Eagle Ford and Mississippi Lime positions, are now complete; and
- sold its interest in oil mining lease (OML) 24 and related onshore facilities in Nigeria. In the first quarter of 2015, the sales of its interests in OML 18 and OML 29, and related facilities, have also been completed.
