Integrated Oil & Gas · Senior · Integrated · Oil-weighted · Oil · Australia · Europe · USA
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Shell — Upstream & Integrated Gas Portfolio
Portfolio
Project information
As at 31 December 2025
Description
As at 31 December 2025
Shell's consolidated oil and gas business across the Upstream and Integrated Gas segments, spanning more than 70 countries. Reserves combine Shell subsidiaries and Shell's share of joint ventures and associates, with natural gas converted to oil equivalent at 5,800 scf per barrel. Total proved reserves were 8,123 million boe at December 31, 2025 (2024: 9,620), the decrease driven largely by the SPDC divestment in Nigeria and the Canadian oil-sands synthetic crude swap. 2025 production available for sale was 2,800 thousand boe/d.
Portfolio Aggregate
Multiple effective dates · 1P
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Reserves & resources — detail
As at 31 December 2025
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Reserves walk · Gross (disclosed)
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Reserves walk · Net change by year
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Operating · 4 projects
Mero
Asset · Operating
Project information
Description
Pre-salt deepwater oil development offshore Brazil. The Mero-4 floating production, storage and offloading facility started up in 2025, adding to Shell's Brazilian production.
Oil & Gas metrics
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Penguins
Asset
Project information
Description
Offshore oil and gas redevelopment in the UK North Sea that started up in 2025, one of 21 projects brought onstream during the year.
Oil & Gas metrics
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Whale
Asset
Project information
Description
Deepwater oil and gas development in the Gulf of America (Gulf of Mexico) that started up and reached nameplate capacity in 2025, one of 21 projects brought onstream during the year.
Oil & Gas metrics
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Permian Basin
District
Project information
Description
Shell's unconventional shale position in the Permian Basin within the Upstream Central region, where production reached a record level in 2025, supporting the group's stable-liquids strategy.
Oil & Gas metrics
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Processing facilities · 8 projects
Shell — Integrated Gas LNG Portfolio
Segment · Lng Export
Project information
As at 31 December 2025
Description
As at 31 December 2025
Shell's consolidated LNG business, the largest among the international majors, with liquefaction, shipping, storage, and regasification access. 2025 LNG liquefaction volumes were 28.4 million tonnes and LNG sales volumes were 72.9 million tonnes, the latter rising on higher third-party purchases following the Pavilion Energy acquisition and partly offset by the Trinidad and Tobago ownership restructuring.
Processing facilities
Multiple effective dates
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Nigeria LNG
Asset · Lng Export · Ownership 25.6%
Project information
As at 31 December 2025
Description
As at 31 December 2025
LNG export facility at Bonny, Nigeria (Trains 1-6), with 100% capacity of 24.1 mtpa and a Shell interest of 25.6%; not Shell-operated.
Processing facilities
As at 31 December 2025
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Gorgon LNG
Asset · Lng Export · Ownership 25%
Project information
As at 31 December 2025
Description
As at 31 December 2025
LNG export facility on Barrow Island, Western Australia, with 100% capacity of 15.6 mtpa and a Shell interest of 25%; not Shell-operated.
Processing facilities
As at 31 December 2025
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North West Shelf LNG
Asset · Lng Export · Ownership 16.7%
Project information
As at 31 December 2025
Description
As at 31 December 2025
LNG export facility at Karratha, Western Australia, with 100% capacity of 14.3 mtpa and a Shell interest of 16.7%; not Shell-operated.
Processing facilities
As at 31 December 2025
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LNG Canada
Asset · Lng Export · Ownership 40%
Project information
As at 31 December 2025
Description
As at 31 December 2025
LNG export joint venture at Kitimat, British Columbia, holding a 40-year export licence. The first cargo left LNG Canada in June 2025, expanding Shell's LNG strategy. Trains 1-2 have 100% nameplate capacity of 14.0 mtpa; Shell holds a 40% interest.
Processing facilities
As at 31 December 2025
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Queensland Curtis LNG
Asset · Lng Export · Ownership 50%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Shell-operated LNG export facility on Curtis Island, Queensland. Shell holds 50% of Train 1 and 97.5% of Train 2, each with 100% capacity of 4.3 mtpa (8.6 mtpa combined).
Processing facilities
As at 31 December 2025
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Prelude FLNG
Asset · Lng Export · Ownership 67.5%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Shell-operated floating LNG facility in the Browse Basin, offshore Australia, with 100% capacity of 3.6 mtpa and a Shell interest of 67.5%. Shell operates the Prelude field, with backfill gas to be supplied from the Crux field located 160 kilometres north-east, which will be operated remotely from Prelude.
Processing facilities
As at 31 December 2025
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Pearl GTL
Asset · Other
Project information
Description
Gas-to-liquids plant in Qatar. A major turnaround at Pearl GTL was completed in 2024; lower 2025 cash capital expenditure partly reflected the absence of that turnaround.
Processing facilities
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Oil equivalent (BOE)
Oil
Natural gas
Synthetic crude
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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