"Shell is competitive and innovative. We are delivering a strategy that others can't easily repeat, with unique skills in technology and integration and a worldwide set of opportunities for new investment."
FOURTH QUARTER 2012 portfolio developments
, Shell completed the acquisition of Chevron's 16.7% interest in East Browse and Chevron's 20% interest in West Browse in exchange for Shell's 33.3% interest in Clio-Acme and cash.
, Shell acquired an additional 2% interest in the Crux gas and condensate field from Nexus Energy, increasing Shell's interest to 82%.
Front-end engineering and design contracts were awarded for the 2.5 million tonnes per annum capacity floating LNG facility and the major subsurface production facilities for the development of the Abadi LNG project (Shell share 30%) in
, Shell took the final investment decision for the development of the deep-water oil field Malikai, part of the Block G production-sharing contract (Shell share 35%), offshore
. The Shell-operated project is expected to produce some 60 thousand barrels of oil equivalent per day ("boe/d") at peak production.
, the Shell-operated deep-water Gumusut-Kakap field (Shell share 33%) commenced early oil production via a tie-back of two production wells to the nearby Kikeh production facility. This interim measure is expected to produce some 25 thousand barrels per day of oil until the Gumusut-Kakap floating production system is on stream.
, Shell completed the ramp-up of the Pearl GTL project.
, Shell agreed to acquire 75% of Hess Corporation's interests in the Beryl area fields and SAGE infrastructure. This transaction was completed in
, lifting Shell's production in the Beryl area fields from 9 thousand boe/d to 20 thousand boe/d.
Also in the
, Shell agreed to acquire an additional 5.9% interest in the offshore Schiehallion field from Murphy Schiehallion Limited. Following completion of this transaction, expected in 2013, Shell's interest in the field will be 55%.
in the fourth quarter 2012. Divestments mainly included Shell's 30% interest in Oil Mining Lease 30 (Shell share of production 11 thousand boe/d) in the Niger Delta, Shell's 50% interest in the
field (Shell share of production 5 thousand boe/d) in the
Gulf of Mexico
and Shell's interest in the Seal area (Shell share of production 2 thousand boe/d) within the Peace River oil sands of
During the fourth quarter 2012, Shell participated in the Arnhem-1, Pinhoe-1 (Shell share 50%) gas
in the outer Exmouth and the Satyr-4 (Shell share 25%) gas discovery in the Gorgon area offshore
and the Zabazaba-3 oil discovery (Shell share 50%) offshore
. Shell also had successful drilling programmes in liquids-rich shales in
and coal bed methane in
As part of its global exploration programme Shell added
positions during the fourth quarter 2012, including the Zitong tight-gas block onshore
, deep-water positions in the
Gulf of Mexico
. New acreage positions were also added offshore
and in liquids-rich shales in
, Shell agreed to acquire Neste Oil Corporation's network of 105 retail sites. The transaction, which is subject to regulatory approvals, is expected to be completed in 2013.
. Divestments mainly included Shell's LPG business in
and the majority of Shell's shareholding in its downstream businesses in
Key features of the Fourth quarter AND FULL YEAR 2012