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  • acre

    approximately 0.004 square kilometres

  • AGM

    Annual General Meeting

  • AOSP

    Athabasca Oil Sands Project

  • API

    American Petroleum Institute


  • b(/d)

    barrels (per day)

  • 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

  • Bonuses

    Payments for bonuses usually paid upon signing an agreement or a contract, or when a commercial discovery is declared, or production has commenced or production has reached a milestone.


  • Carbon-neutral

    The carbon dioxide equivalent life-cycle emissions of the product have been offset with verified nature-based carbon credits.

  • CCS

    carbon capture and storage

  • CEO

    Chief Executive Officer

  • CFO

    Chief Financial Officer

  • CO2

    carbon dioxide

  • Consumption taxes

    A tax due on the purchase of goods and services. Typically, this is a percentage of the sales price of the item or service. It is an indirect tax as it is levied and administered by the retailers or service providers but it is borne or paid by the individual purchasing the item. The companies that charge the tax have to administer the collection and payment on behalf of the government.

  • Corporate income tax

    This is a direct tax imposed on companies’ profits. It is sometimes levied at a national level but can also be levied on a state or local basis.

  • CPEA

    Certified Professional Environmental Auditor

  • Critical habitat

    Represents areas of high biodiversity value, it takes into account both global and national priorities and builds on the conservation principles of ‘vulnerability’ (threat) and ‘irreplaceability’ (rarity/restricted distribution). It is identified based on five criteria that address habitat of significant importance to threatened, endemic, congregatory and migratory species, threatened or unique ecosystems, and key evolutionary processes (IFC, 2019).

  • CSSD

    Center for Sustainable Shale Development


  • EOR

    enhanced oil recovery

  • EPA

    US Environmental Protection Agency

  • Ethnic minority

    In the UK, this group includes all ethnic groups other than the ‘white British’ group

  • Excise duties

    This is a tax on manufacturers and is due at the point of production rather than sale. Companies which manufacture products that are subject to excise duties are responsible for reporting and paying these taxes. Excise taxes are in addition to other forms of indirect tax, such as customs duties, VAT or GST, and typically form part of the cost of the product.


  • Fees

    Fees and other sums paid as consideration for acquiring a licence for gaining access to an area where extractive activities are performed. Administrative government fees that are not specifically related to the extractive sector, or to access to extractive resources, are excluded. Also excluded are payments made in return for services provided by a government.

  • FID

    final investment decision

  • FLNG

    floating liquefied natural gas


  • GAAP

    generally accepted accounting principles

  • GHG

    greenhouse gas

  • GRI

    Global Reporting Initiative

  • GTL

    gas to liquids


  • HSE

    health, safety and environment

  • HSSE

    health, safety, security and environment


    health, safety, security, environment and social performance


  • IEA

    International Energy Agency

  • IFRS

    International Financial Reporting Standard(s)

  • IOGP

    International Association of Oil & Gas Producers

  • IPCC

    Intergovernmental Panel on Climate Change


    The global oil and gas industry association for advancing environmental and social performance

  • ISO

    International Organization for Standardization

  • IUCN

    International Union for Conservation of Nature


  • JV

    joint venture


  • kboe(/d)

    thousand barrels of oil equivalent (per day); natural gas volumes are converted into oil equivalent using a factor of 5,800 scf per barrel


  • LNG

    liquefied natural gas

  • LPG

    liquefied petroleum gas

  • LTIP

    Long-term incentive plan


  • megajoule

    a unit of energy equal to one million joules

  • MMBtu

    million British thermal units

  • MOU

    memorandum of understanding

  • mtpa

    million tonnes per annum

  • MWCC

    Marine Well Containment Company


  • NCF

    Net Carbon Footprint

  • NCI

    net carbon intensity

  • Net positive impact

    Net Positive Impact (NPI) on biodiversity is a target for project outcomes in which the impacts on biodiversity (i.e. the variety of ecosystems and living things) caused by the project are outweighed by the actions taken to avoid and reduce such impacts, rehabilitate affected species/landscapes and offset any residual impacts. (IFC, 2019)

  • NETS

    Network of Employers for Traffic Safety

  • Net-zero deforestation

    Deforestation occurs when forests are converted to non-forest uses. In line with the definition of forest used by the Food and Agriculture Organization of the United Nations (2020), this commitment applies to land spanning more than 0.5 hectares with trees higher than five metres and a canopy cover of more than 10%, or trees able to reach these thresholds in situ. It does not include land that is predominantly under agricultural or urban land use. Biological status of forested areas after reafforestation to be equal or higher from original status.

  • NGL

    natural gas liquids

  • NGO

    non-governmental organisation


  • OECD

    Organisation for Economic Co-operation and Development

  • OPEC

    Organization of the Petroleum Exporting Countries


  • People of colour

    In the USA, this group includes American Indian or Alaskan Native; Asian, Black or African American; Hispanic/Latino; Native Hawaiian or Other Pacific Islander; or two or more races.

  • per day

    volumes are converted into a daily basis using a calendar year

  • Production entitlement

    This is the host government’s share of production. It includes the government’s share as a sovereign entity or through its participation as an equity or interest holder in projects within its home country.

  • PSC

    production-sharing contract

  • PSP

    Performance Share Plan


  • R&D

    research and development


    Remuneration Committee


    return on average capital employed

  • Royalties

    Royalties are generally payment due for the use of an asset. Mineral royalties are payments to governments or other owners for the rights to extract oil and gas resources, typically at a set percentage of revenue less any deductions that may be taken. See also Trademark royalties.


  • SAF

    Sustainable aviation fuel

  • scf(/d)

    standard cubic feet (per day)

  • SCiN

    Shell Companies in Nigeria

  • SEC

    US Securities and Exchange Commission

  • SESCo

    Safety, Environment and Sustainability Committee

  • SNEPCo

    Shell Nigeria Exploration and Production Company

  • Solar power capacity

    Solar power installed capacity is measured in megawatts direct current (MWdc) as per industry standard. Solar power capacity for generation is shown in megawatts alternating current (MWac).

  • SP

    Social Performance

  • SPDC

    Shell Petroleum Development Company of Nigeria Limited

  • STV

    Shell Technology Ventures


  • TRCF

    total recordable case frequency

  • TSR

    total shareholder return


  • UN

    United Nations

  • UNDP

    United Nations Development Programme

  • UNEP

    United Nations Environment Programme


  • VOC

    volatile organic compounds


    Voluntary Principles on Security and Human Rights, which guide companies in assessing human rights risks when working with public and private security



    World Business Council for Sustainable Development


  • Zero waste

    The conservation of all resources by means of responsible production, consumption, reuse and recovery of products, packaging and materials without burning, and with no discharges to land, water, or air that threaten the environment or human health (Zero Waste International Alliance, 2018).