Shell Investors’ Handbook 27 Upstream

We are also a partner in the Browse joint OCEANIA venture (Shell interest approximately 20%) covering the Torosa, Brecknock and Calliance gas fields. In 2010, as HIGHLIGHTS required by the Retention Lease, the joint- . Production amounted to nearly 0.2 million boe/d, which was around 5% of our total venture participants began planning the 2011 production. development of the Browse resources on . After-tax earnings from oil and gas exploration and production operations of our the basis of an LNG plant at James Price subsidiaries in the region were $1.5 billion. Our share of oil and gas exploration and Point on the Dampier Peninsula of Western production earnings of equity-accounted investments was $0.3 billion. Australia. . We are participating in the development of five key projects in Australia: North Rankin; Gorgon LNG Trains 1-3; North West Shelf Gas – Greater Western Flank In the Timor Sea Shell holds interests in the Phase 1; Prelude FLNG; and Wheatstone LNG. large Greater Sunrise and Evans Shoal gas fields (Shell interest approximately 34% and 32.5%, respectively). The joint venture partners have selected FLNG as KEY FIGURES the preferred development concept for 2011 % of total Greater Sunrise. The development is subject Total production (thousand boe/d) [A] 171 5% to approval from both the Australian and Liquids production (thousand b/d) [A] 48 3% Timor Leste governments. Natural gas production (million scf/d) [A] 715 8% Gross developed and undeveloped acreage (thousand acres) 69,705 28% Shell also holds 6.4% interest in the Proved oil and gas reserves excluding non-controlling interest (million boe) [B] 1,432 10% Wheatstone LNG project which includes [A] Available for sale. construction of two LNG trains with a [B] Includes proved reserves associated with future production that will be consumed in operations. combined capacity of 8.9 mtpa. The final investment decision for the Wheatstone AUSTRALIA December 2011, the transaction received LNG project was announced in 2011. We have interests in offshore production final government and shareholder approval, and exploration licences in the North and it was completed in January 2012. NEW ZEALAND West Shelf (NWS) and Greater Gorgon We have an 83.8% interest in the offshore areas of the Carnarvon Basin, as well as The Gorgon LNG project (Shell interest Maui gas field, a 50% interest in the in the Browse Basin and Timor Sea. Some 25%) involves the development of the onshore Kapuni gas field and a 48% of these interests are held directly and largest gas discoveries to date in Australia, interest in the offshore Pohokura gas field. others indirectly through a shareholding of beginning with the offshore Gorgon (Shell The gas produced is sold domestically, approximately 23% in Woodside Petroleum interest 25%) and Jansz/Io fields (Shell mainly under long-term contracts. Shell Ltd (Woodside). Woodside is the operator interest approximately 20%). It includes the has interests in other exploration licence of Pluto LNG. construction of a 15 mtpa LNG plant on areas in the Taranaki Basin. In 2011, we Barrow Island. Construction activities on acquired a 50% interest in two exploration Woodside is also the operator on behalf of Barrow Island continued in 2011. licences in the Great South Basin. six joint-venture participants of the NWS gas, condensate and oil fields, which We are the operator of a permit in the produced 512 thousand boe/d in 2011. Browse Basin in which two separate gas Shell provides technical support for the fields were found – Prelude in 2007 and NWS development. In December 2011, Concerto in 2009. In 2011, we announced the NWS joint venture announced the final the final investment decision to develop investment decision on the Greater Western these fields on the basis of our innovative Flank Phase 1 project. floating liquefied natural gas (FLNG) technology. This technology enables gas We also have a 50% interest in Arrow to be processed offshore, reducing the Energy Holdings Pty Limited (Arrow), development’s costs and minimising its a Queensland-based joint venture with environmental impact. The Prelude FLNG PetroChina. Arrow owns coalbed-methane project is expected to produce some 110 assets, a domestic power business, and thousand boe/d of natural gas and natural the site for a proposed LNG plant on Curtis gas liquids, delivering some 3.6 mtpa Island, near Gladstone. In 2011, Arrow of LNG, 1.3 mtpa of condensate and entered into an agreement to acquire all 0.4 mtpa of liquefied petroleum gas (LPG). the shares of coalbed-methane company Bow Energy Ltd (Bow) for a Shell share Shell also has rights to the gas of the consideration of approximately $0.3 nearby Crux field (AC/P23) and operates billion. The acquisition of Bow contributes to the AC/P41 block (Shell interest 75%), Arrow’s opportunity to expand the proposed where the Libra-1 gas discovery was made 8 mtpa LNG project on Curtis Island. In in 2008. 52 Shell Investors’ Handbook Maps

OCEANIA

WEST AUSTRALIA AND INDONESIA

INDONESIA " Abadi Greater Sunrise " " Evans Shoal

TIMOR SEA DARWIN North West Shelf """ WA-371-P " " " Pluto Gorgon North West Shelf " " WA-44-L Angel Achilles Brecknock " Cossack Acme Calliance Dixon Brederode Concerto Dockrell Chandon Crux Echo/Yodel Chrysaor Echuca Shoals Gaea Clio Libra Goodwyn Dionysus Prelude Goodwyn South Eendracht Torosa DERBY Hermes Eurytion BROOME Iago Geryon Pluto Lady Nora Jansz Lambert Deep/West Kentish Knock Northern North Rankin Keto """ " Territor y " " " "" " """" Pemberton Maenad "" " "" "" "" """ " Persephone Orthrus " """Acme" West "" Vos Satyr"" " Perseus Sappho "" DAMPIER AUSTRALIA Pueblo West Tryal Rock Sculptor-Rankin Yellowglen Gorgon Western Australia Searipple EXMOUTH Tidepole Urania Wanaea Wilcox

0 100 200 300 400 km

EAST AUSTRALIA NEW ZEALAND

AUCKLAND

Huntly Power Station " CORAL SEA

" NEW PLYMOUTH " " Pohokura " " " Maui " "Kapuni

"" Queensland CBM TASMAN SEA WELLINGTON GLADSTONE AUSTRALIA

CHRISTCHURCH

Kogan North" "Daandine NEW ZEALAND PACIFIC OCEAN Tipton West " BRISBANE DUNEDIN

Queensland New South Wales Great South Basin

0 100 200 300 400 km 0 100 200 300 400 km

{ Shell oil projects { Terminal Shell oil pipeline Shell interest { Shell gas projects 2011 discoveries from core exploration activities Shell gas pipeline