Shell plc – Report on Payments to Governments for the year 2025

Shell plc – Report on Payments to Governments for the year 2025

Basis for Preparation – Report on Payments to Governments for the year 2025
This Report provides a consolidated overview of the payments to governments made by Shell plc and its subsidiary undertakings (hereinafter referred to as “Shell”) for the year 2025 as required under the UK’s Reports on Payments to Governments Regulations 2014 (as amended in December 2015). These UK Regulations enact domestic rules in line with Directive 2013/34/EU (the EU Accounting Directive (2013)) and apply to large UK incorporated companies like Shell that are involved in the exploration, prospection, discovery, development and extraction of minerals, oil, natural gas deposits or other materials. This Report is also filed with the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) intended to satisfy the requirements of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the United Kingdom. This report is also published pursuant to article 5:25e of the Dutch FMSA (Wft) and is furnished with the US Securities and Exchange Commission (“SEC”) according to Section 13(q) under the US Securities Exchange Act of 1934.

This Report is available for download from www.shell.com/payments.

Legislation
This Report is prepared in accordance with The Reports on Payments to Governments Regulations 2014 as enacted in the UK in December 2014 and as amended in December 2015.

Reporting entities
This Report includes payments to governments made by Shell plc and its subsidiary undertakings (Shell). Payments made by entities where Shell has joint control are excluded from this Report.

Activities
Payments made by Shell to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals, oil and natural gas deposits or other materials (extractive activities) are disclosed in this Report. It excludes payments related to refining, natural gas liquefaction or gas-to-liquids activities. For a fully integrated project, which does not have an interim contractual cut-off point where a value can be attached or ascribed separately to the extractive activities and to other processing activities, payments to governments are not artificially split but are disclosed in full.

Government
Government includes any national, regional, or local authority of a country, and includes a department, agency or entity that is a subsidiary of a government, including a national oil company.

Project
Payments are reported at a project level except those payments that are not attributable to a specific project which are reported at entity level. Project is defined as operational activities which are governed by a single contract, licence, lease, concession, or similar legal agreement, and form the basis for payment liabilities with a government. If such agreements are substantially interconnected, those agreements are to be treated as a single project.

“Substantially interconnected” means forming a set of operationally and geographically integrated contracts, licences, leases or concessions or related agreements with substantially similar terms that are signed with a government giving rise to payment liabilities. Such agreements can be governed by a single contract, joint venture, production sharing agreement, or other overarching legal agreement. Indicators of integration include, but are not limited to, geographic proximity, the use of shared infrastructure and common operational management.

Payment
The information is reported under the following payment types:

Production entitlements
These are the host government’s share of production in the reporting period derived from projects operated by Shell. This includes the government’s share as a sovereign entity or through its participation as an equity or interest holder in projects within its sovereign jurisdiction (home country). Production entitlements arising from activities or interests outside of its home country are excluded.

In certain contractual arrangements, typically a production sharing contract, a government through its participation interest may contribute funding of capital and operating expenditure to projects, from which it derives production entitlement to cover such funding (cost recovery). Such cost recovery production entitlement is included.

In situations where a government settles Shell’s income tax obligation on behalf of Shell by utilising its share of production entitlements (typically under a tax-paid concession), such amount will be deducted from the reported production entitlement.

Taxes
These are taxes paid by Shell on its income, profits or production (which include resource severance tax, and petroleum resource rent tax), including those settled by a government on behalf of Shell under a tax-paid concession. Payments are reported net of refunds. Consumption taxes, personal income taxes, sales taxes, property and environmental taxes are excluded.

Royalties
These are payments for the rights to extract oil and gas resources, typically at a set percentage of revenue less any deductions that may be taken.

Dividends
These are dividend payments other than dividends paid to a government as an ordinary shareholder of an entity unless paid in lieu of production entitlements or royalties. For the year ended December 31, 2025, there were no reportable dividend payments to a government.

Bonuses
These are payments for bonuses. These are 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.

Licence fees, rental fees, entry fees and other considerations for licences and/or concessions
These are 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.

Infrastructure improvements
These are payments which relate to the construction of infrastructure (road, bridge, or rail) not substantially dedicated for the use of extractive activities. Payments which are a social investment in nature, for example building of a school or hospital, are excluded.

Other
Operatorship
When Shell makes a payment directly to a government arising from a project, regardless of whether Shell is the operator, the full amount paid is disclosed even where Shell as the operator is proportionally reimbursed by its non-operating venture partners through a partner billing process (cash-call).

When a national oil company is the operator of a project to whom Shell makes a reportable payment, which is distinguishable in the cash-call, it is included in this Report.

Cash and in-kind payments
Payments are reported on a cash basis. In-kind payments are converted to an equivalent cash value based on the most appropriate and relevant valuation method for each payment, which can be at cost or market value, or such value as stated in the contract. In-kind payments are reported in both volumes and the equivalent cash value.

Materiality Level
For each payment type, total payments below £86,000 to a government are excluded from this Report.

Exchange Rate
Payments made in currencies other than US dollars are translated for this Report based on the foreign exchange rate at the relevant quarterly average rate.

Report on Payments to Governments [1]

Summary Report (in USD)

Countries:

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Europe

Albania

–

–

–

–

228,097

–

228,097

Bulgaria

–

–

–

658,383

145,695

–

804,078

Germany

–

77,755,904

–

–

–

–

77,755,904

Italy

–

3,351,499

74,686,060

–

66,336,536

–

144,374,094

Norway

2,120,072,656

1,649,751,614

–

–

–

–

3,769,824,270

United Kingdom

–

110,374,110

–

–

11,857,193

–

122,231,303

Asia

Brunei

3,313,159

40,519,441

7,202,519

–

–

–

51,035,119

China

–

18,523,634

–

–

–

–

18,523,634

India

–

-14,562,223

–

–

–

–

-14,562,223

Kazakhstan

–

256,637,895

–

–

–

–

256,637,895

Malaysia

1,691,805,666

285,593,040

405,405,924

–

–

–

2,382,804,630

Middle East

Oman

576,872,405

3,412,390,365

900,000

3,990,162,769

Qatar

1,479,379,939

1,401,933,995

–

–

31,476,961

–

2,912,790,895

Oceania

Australia

–

1,445,905,137

358,637,902

–

13,413,472

461,434

1,818,417,944

Africa

Egypt

–

155,405,582

–

6,042,288

–

–

161,447,870

Nigeria

1,237,467,592

236,994,532

454,028,549

–

87,895,758

–

2,016,386,431

Sao Tome and Principe

–

–

–

–

200,000

–

200,000

Tanzania

–

–

–

–

142,811

–

142,811

Tunisia

–

3,083,119

1,785,824

–

–

–

4,868,943

North America

Canada

–

109,370,682

4,882,029

–

1,542,623

–

115,795,334

Mexico

–

–

–

–

-137,827

–

-137,827

United States of America

–

-23,901,400

1,120,356,065

–

20,817,759

860,822

1,118,133,246

South America

Argentina

34,615,936

1,880,988

136,470,329

–

335,780

–

173,303,033

Brazil

459,707,687

865,744,450

1,203,877,226

338,891,043

1,385,827,494

–

4,254,047,901

Colombia

–

–

–

–

488,120

–

488,120

Trinidad and Tobago

433,047,898

784,943

631,618

15,000,000

11,750,134

–

461,214,593

Grand Total

8,036,282,937

10,037,537,308

3,767,964,045

360,591,715

1,633,220,604

1,322,256

23,836,918,866

The figures in this Report are rounded.

Albania

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

DEGA E THESARIT BERAT

–

–

–

–

228,097

–

228,097

Total

–

–

–

–

228,097

–

228,097

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

ALBANIA OPERATED

–

–

–

–

228,097

–

228,097

Total

–

–

–

–

228,097

–

228,097

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Bulgaria

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

MINISTRY OF ENERGY BULGARIA

–

–

–

658,383

145,695

–

804,078

Total

–

–

–

658,383

145,695

–

804,078

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

KHAN TERVEL

–

–

–

658,383

145,695

–

804,078

Total

–

–

–

658,383

145,695

–

804,078

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Germany

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

FEDERAL CENTRAL TAX OFFICE

–

73,722,167

–

–

–

–

73,722,167

MUNICIPALITY OF COLOGNE

–

-564,461

–

–

–

–

-564,461

MUNICIPALITY OF WESSELING

–

-836,944

–

–

–

–

-836,944

TAX AUTHORITY HAMBURG

–

5,435,141

–

–

–

–

5,435,141

Total

–

77,755,904

–

–

–

–

77,755,904

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Entity level payments

DEUTSCHE SHELL HOLDING GmbH

–

77,755,904

–

–

–

–

77,755,904

Total

–

77,755,904

–

–

–

–

77,755,904

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Italy

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

CALVELLO MUNICIPALITY

–

–

822,781

–

–

–

822,781

CORLETO PERTICARA MUNICIPALITY

–

–

2,310,677

–

–

–

2,310,677

ENI SPA

–

–

–

–

435,200

–

435,200

GORGOGLIONE MUNICIPALITY

–

–

355,489

–

–

–

355,489

GRUMENTO NOVA MUNICIPALITY

–

–

470,161

–

–

–

470,161

MARSICO NUOVO MUNICIPALITY

–

–

352,620

–

–

–

352,620

MARSICOVETERE MUNICIPALITY

–

–

117,540

–

–

–

117,540

MONTEMURRO MUNICIPALITY

–

–

117,540

–

–

–

117,540

REGIONE BASILICATA

–

–

44,567,378

–

61,369,377

–

105,936,754

TESORERIA PROVINICIALE DELLO STATO

–

3,351,499

22,310,135

–

808,495

–

26,470,129

VIGGIANO MUNICIPALITY

–

–

3,261,739

–

3,723,464

–

6,985,203

Total

–

3,351,499

74,686,060

–

66,336,536

–

144,374,094

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

UPSTREAM ASSETS

–

3,351,499

74,686,060

–

66,336,536

–

144,374,094

Total

–

3,351,499

74,686,060

–

66,336,536

–

144,374,094

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Norway

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

EQUINOR ASA

869,052,105 [A]

–

–

–

–

–

869,052,105

PETORO AS

1,251,020,551 [B]

–

–

–

–

–

1,251,020,551

SKATTEETATEN

–

1,649,751,614

–

–

–

–

1,649,751,614

Total

2,120,072,656

1,649,751,614

–

–

–

–

3,769,824,270

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

ORMEN LANGE

2,120,072,656 [C]

–

–

–

–

–

2,120,072,656

Entity level payments

A/S NORSKE SHELL

–

1,649,751,614

–

–

–

–

1,649,751,614

Total

2,120,072,656

1,649,751,614

–

–

–

–

3,769,824,270

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Includes payment in kind of $869,052,105 for 12,508 KBOE valuated at market price.

Includes payment in kind of $1,251,020,551 for 18,006 KBOE valuated at market price.

Includes payment in kind of $2,120,072,656 for 30,514 KBOE valuated at market price.

United Kingdom

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

HM REVENUE AND CUSTOMS

–

110,374,110

–

–

–

–

110,374,110

NORTH SEA TRANSITION AUTHORITY

–

–

–

–

11,650,563

–

11,650,563

THE CROWN ESTATE SCOTLAND

–

–

–

–

206,630

–

206,630

Total

–

110,374,110

–

–

11,857,193

–

122,231,303

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

BRENT AND OTHER NORTHERN NORTH SEA PROJECTS

–

-51,981,053

–

–

632,416

–

-51,348,637

EXPLORATIONS PROJECTS

–

–

–

–

1,688,819

–

1,688,819

OFFSHORE OPERATED

–

–

–

–

2,457,930

–

2,457,930

ONEGAS WEST

–

–

–

–

2,769,338

–

2,769,338

WEST OF SHETLAND NON-OPERATED

–

–

–

–

983,512

–

983,512

Entity level payments

SHELL U.K. LIMITED

–

162,355,163

–

–

3,325,177

–

165,680,340

Total

–

110,374,110

–

–

11,857,193

–

122,231,303

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Brunei

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

MINISTRY OF FINANCE AND ECONOMY

–

40,519,441

–

–

–

–

40,519,441

PETROLEUM AUTHORITY OF BRUNEI DARUSSALAM

3,313,159

–

7,202,519

–

–

–

10,515,678

Total

3,313,159

40,519,441

7,202,519

–

–

–

51,035,119

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Entity level payments

SHELL DEEPWATER BORNEO B.V.

–

35,956,751

–

–

–

–

35,956,751

SHELL EXPLORATION AND PRODUCTION BRUNEI B.V.

3,313,159

4,562,690

7,202,519

–

–

–

15,078,368

Total

3,313,159

40,519,441

7,202,519

–

–

–

51,035,119

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

China

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

TIANJIN MUNICIPAL TAXATION BUREAU

–

10,780,173

–

–

–

–

10,780,173

YULIN MUNICIPAL TAXATION BUREAU

–

7,743,461

–

–

–

–

7,743,461

Total

–

18,523,634

–

–

–

–

18,523,634

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Entity level payments

SHELL CHINA EXPLORATION & PRODUCTION COMPANY LTD

–

18,523,634

–

–

–

–

18,523,634

Total

–

18,523,634

–

–

–

–

18,523,634

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

India

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

INCOME TAX DEPARTMENT

–

-14,562,223

–

–

–

–

-14,562,223

Total

–

-14,562,223

–

–

–

–

-14,562,223

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Entity level payments

BG EXPLORATION AND PRODUCTION INDIA LIMITED

–

-14,562,223

–

–

–

–

-14,562,223

Total

–

-14,562,223

–

–

–

–

-14,562,223

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Kazakhstan

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

TAX COMITEE IN ATYRAU

–

44,351,823

–

–

–

–

44,351,823

WEST KAZAKHSTAN TAX COMMITTEE

–

212,286,072

–

–

–

–

212,286,072

Total

–

256,637,895

–

–

–

–

256,637,895

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

KARACHAGANAK

–

212,286,072

–

–

–

–

212,286,072

NORTH CASPIAN SEA

–

44,351,823

–

–

–

–

44,351,823

Total

–

256,637,895

–

–

–

–

256,637,895

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Malaysia

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

LEMBAGA HASIL DALAM NEGERI

–

285,593,040

–

–

–

–

285,593,040

MALAYSIA FEDERAL AND STATE GOVERNMENTS

–

–

385,269,243 [A]

–

–

–

385,269,243

PETROLEUM SARAWAK EXPLORATION AND PRODUCTION SDN. BHD.

99,864,493 [B]

–

–

–

–

–

99,864,493

PETROLIAM NASIONAL BERHAD

845,231,131 [C]

–

20,136,682

–

–

–

865,367,812

PETRONAS CARIGALI SDN.BHD.

746,710,042 [D]

–

–

–

–

–

746,710,042

Total

1,691,805,666

285,593,040

405,405,924

–

–

–

2,382,804,630

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

SABAH GAS – NOT OPERATED

–

15,384,648

929,077

–

–

–

16,313,725

SABAH INBOARD AND DEEPWATER OIL

1,089,763,624 [E]

129,881,545

264,887,071 [F]

–

–

–

1,484,532,240

SARAWAK OIL AND GAS

602,042,041 [G]

127,896,684

139,589,776 [H]

–

–

–

869,528,501

Entity level payments

SABAH SHELL PETROLEUM COMPANY LIMITED

–

3,846,422

–

–

–

–

3,846,422

SARAWAK SHELL BERHAD

–

1,956,613

–

–

–

–

1,956,613

SHELL ENERGY ASIA LIMITED

–

2,070,079

–

–

–

–

2,070,079

SHELL OIL AND GAS (MALAYSIA) LLC

–

418,556

–

–

–

–

418,556

SHELL SABAH SELATAN SENDIRIAN BERHAD

–

4,138,495

–

–

–

–

4,138,495

Total

1,691,805,666

285,593,040

405,405,924

–

–

–

2,382,804,630

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Includes payment in kind of $290,279,641 for 3,911 KBOE valuated at market price and $94,989,601 for 5,021 KBOE valuated at fixed price.

Includes payment in kind of $78,413,013 for 3,143 KBOE valuated at fixed price and $21,451,480 for 247 KBOE valuated at market price.

Includes payment in kind of $782,926,973 for 10,575 KBOE valuated at market price and $110,524,567 for 5,960 KBOE valuated at fixed price.

Includes payment in kind of $480,500,276 for 6,501 KBOE valuated at market price and $266,209,765 for 14,220 KBOE valuated at fixed price.

Includes payment in kind of $1,089,763,624 for 14,572 KBOE valuated at market price.

Includes payment in kind of $259,666,784 for 3,467 KBOE valuated at market price.

Includes payment in kind of $455,147,345 for 23,323 KBOE valuated at fixed price and $195,115,105 for 2,752 KBOE valuated at market price.

Includes payment in kind of $94,989,601 for 5,021 KBOE valuated at fixed price and $30,612,857 for 443 KBOE valuated at market price.

Oman

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

MINISTRY OF ENERGY AND MINERALS

576,872,405 [A]

–

–

–

–

–

576,872,405

MINISTRY OF FINANCE

–

3,391,341,601

–

–

900,000

–

3,392,241,601

THE SECRETARIAT GENERAL FOR TAXATION MINISTRY OF FINANCE

–

21,048,764

–

–

–

–

21,048,764

Total

576,872,405

3,412,390,365

–

–

900,000

–

3,990,162,769

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

BLOCK 6 CONCESSION

–

3,391,341,601

–

–

–

–

3,391,341,601

BLOCK 10 CONCESSION

576,872,405 [A]

21,048,764

–

–

400,000

–

598,321,168

BLOCK 11 CONCESSION

–

–

–

–

500,000

–

500,000

Total

576,872,405

3,412,390,365

–

–

900,000

–

3,990,162,769

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Includes payment in kind of $518,222,403 for 7,294 KBOE valuated at Gov. selling price and of $58,650,002 for 4,477 KBOE valuated at fixed price.

Qatar

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

QATARENERGY

1,479,379,939

1,401,933,995

–

–

31,476,961

–

2,912,790,895

Total

1,479,379,939

1,401,933,995

–

–

31,476,961

–

2,912,790,895

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

PEARL GTL

1,479,379,939

1,401,933,995

–

–

31,476,961

–

2,912,790,895

Total

1,479,379,939

1,401,933,995

–

–

31,476,961

–

2,912,790,895

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Australia

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

AUSTRALIAN TAXATION OFFICE

–

1,445,905,137

–

–

–

–

1,445,905,137

BANANA SHIRE COUNCIL

–

–

–

–

226,326

–

226,326

FEDERAL DEPARTMENT OF INDUSTRY, SCIENCE AND RESOURCES

–

–

71,579,702

–

115,311

–

71,695,012

QUEENSLAND DEPARTMENT OF ENVIRONMENT AND SCIENCE

–

–

–

–

853,606

–

853,606

QUEENSLAND DEPARTMENT OF NATURAL RESOURCES AND MINES

–

–

–

–

513,172

–

513,172

QUEENSLAND REVENUE OFFICE

–

–

287,058,200

–

–

–

287,058,200

RESOURCES SAFETY AND HEALTH QUEENSLAND

–

–

–

–

1,863,345

–

1,863,345

WESTERN DOWNS REGIONAL COUNCIL

–

–

–

–

9,841,711

461,434

10,303,145

Total

–

1,445,905,137

358,637,902

–

13,413,472

461,434

1,818,417,944

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

NORTH WEST SHELF

–

–

71,579,702

–

–

–

71,579,702

PRELUDE

–

–

–

–

115,311

–

115,311

QGC

–

659,476,027

287,058,200

–

13,298,161

461,434

960,293,822

Entity level payments

SHELL AUSTRALIA PTY LTD

786,429,110

786,429,110

Total

–

1,445,905,137

358,637,902

–

13,413,472

461,434

1,818,417,944

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Egypt

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

EGYPTIAN GENERAL PETROLEUM CORPORATION

–

155,405,582

–

6,042,288

–

–

161,447,870

Total

–

155,405,582

–

6,042,288

–

–

161,447,870

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

EGYPT OFFSHORE DEVELOPMENT

–

155,405,582

–

–

–

–

155,405,582

EGYPT OFFSHORE EXPLORATION

–

–

–

5,000,000

–

–

5,000,000

Entity level payments

SHELL EGYPT N.V.

–

–

–

1,042,288

–

–

1,042,288

Total

–

155,405,582

–

6,042,288

–

–

161,447,870

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Nigeria

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

FEDERAL INLAND REVENUE SERVICE

–

236,994,532 [A]

–

–

–

–

236,994,532

NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE

–

–

–

–

2,397,000

–

2,397,000

NIGER DELTA DEVELOPMENT COMMISSION

–

–

–

–

85,498,758

–

85,498,758

NIGERIAN NATIONAL PETROLEUM CORPORATION

1,237,467,592 [B]

–

–

–

–

–

1,237,467,592

NIGERIAN UPSTREAM PETROLEUM REGULATORY COMMISSION

–

–

454,028,549 [C]

–

–

–

454,028,549

Total

1,237,467,592

236,994,532

454,028,549

–

87,895,758

–

2,016,386,431

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

EAST ASSET

238,832,621 [D]

–

–

–

–

–

238,832,621

OML144

–

–

–

–

7,642,550

–

7,642,550

PSC 1993 (OPL209/OML133)

–

93,824,926 [E]

–

–

–

–

93,824,926

PSC 1993 (OPL212/OML118, OPL219/OML135)

689,820,582 [F]

123,713,854 [G]

387,429,297 [H]

–

58,877,045

–

1,259,840,778

WEST ASSET

308,814,389 [I]

–

–

–

–

–

308,814,389

Entity level payments

THE SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA LIMITED

–

19,455,752

66,599,252

–

21,376,163

–

107,431,167

Total

1,237,467,592

236,994,532

454,028,549

–

87,895,758

–

2,016,386,431

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Includes payment in kind of $217,538,780 for 3,121 KBOE valued at market price.

Includes payment in kind of $1,237,467,592 for 22,346 KBOE valued at market price.

Includes payment in kind of $387,429,297 for 5,442 KBOE valuated at market price.

Includes payment in kind of $238,832,621 for 8,726 KBOE valuated at market price.

Includes payment in kind of $93,824,926 for 1,330 KBOE valuated at market price.

Includes payment in kind of $689,820,582 for 9,634 KBOE valuated at market price.

Includes payment in kind of $123,713,854 for 1,791 KBOE valuated at market price.

Includes payment in kind of $387,429,297 for 5,442 KBOE valuated at market price.

Includes payment in kind of $308,814,389 for 3,986 KBOE valuated at market price.

Sao Tome and Principe

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

AGÊNCIA NACIONAL DO PETRÓLEO DE SÃO TOMÉ E PRÍNCIPE

–

–

–

–

200,000

–

200,000

Total

–

–

–

–

200,000

–

200,000

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

DEEPWATER BLOCK 4

–

–

–

–

200,000

–

200,000

Total

–

–

–

–

200,000

–

200,000

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Tanzania

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

PETROLEUM UPSTREAM REGULATORY AUTHORITY

–

–

–

–

142,811

–

142,811

Total

–

–

–

–

142,811

–

142,811

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

BLOCK 1 AND 4

–

–

–

–

142,811

–

142,811

Total

–

–

–

–

142,811

–

142,811

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Tunisia

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

ENTREPRISE TUNISIENNE D’ACTIVITÉS PÉTROLIÈRES

–

–

534,110 [A]

–

–

–

534,110

LE RECEVEUR DES FINANCES DU LAC

–

3,083,119

1,251,714

–

–

–

4,334,833

Total

–

3,083,119

1,785,824

–

–

–

4,868,943

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

HASDRUBAL CONCESSION

–

3,083,119

1,785,824 [A]

–

–

–

4,868,943

Total

–

3,083,119

1,785,824

–

–

–

4,868,943

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Includes payment in kind of $534,110 for 11 KBOE valuated at market price.

Canada

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

GOVERNMENT OF ALBERTA

–

–

173,471

–

227,225

–

400,697

MINISTRY OF FINANCE (BRITISH COLUMBIA)

–

–

4,708,558

–

640,989

–

5,349,547

MINISTRY OF JOBS, ECONOMIC DEVELOPMENT AND INNOVATION

–

–

–

–

674,408

–

674,408

PROVINCIAL TREASURER OF ALBERTA

–

38,275,621

–

–

–

–

38,275,621

RECEIVER GENERAL FOR CANADA

–

71,095,062

–

–

–

–

71,095,062

Total

–

109,370,682

4,882,029

–

1,542,623

–

115,795,334

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

ATHABASCA OIL SANDS

–

109,370,682

–

–

–

–

109,370,682

GREATER DEEP BASIN

–

–

173,471

–

227,225

–

400,697

GROUNDBIRCH

–

–

4,708,558

–

1,315,397

–

6,023,955

Total

–

109,370,682

4,882,029

–

1,542,623

–

115,795,334

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Mexico

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

SERVICIO DE ADMINISTRACIÓN TRIBUTARIA

–

–

–

–

-137,827

–

-137,827

Total

–

–

–

–

-137,827

–

-137,827

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

MEXICO EXPLORATION DEEPWATER

–

–

–

–

-137,827

–

-137,827

Total

–

–

–

–

-137,827

–

-137,827

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

United States of America

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

COMPTROLLER OF PUBLIC ACCOUNTS

–

233,960

–

–

–

–

233,960

INTERNAL REVENUE SERVICE

–

-25,200,518

–

–

–

–

-25,200,518

LOUISIANA DEPARTMENT OF TRANSPORTATION AND DEVELOPMENT

–

–

–

–

–

860,822

860,822

OFFICE OF NATURAL RESOURCES REVENUE

–

–

1,120,356,065

–

20,817,759

–

1,141,173,823

STATE OF LOUISIANA

–

1,065,158

–

–

–

–

1,065,158

Total

–

-23,901,400

1,120,356,065

–

20,817,759

860,822

1,118,133,246

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

GULF OF AMERICA (CENTRAL)

–

–

1,045,021,964

–

4,293,859

–

1,049,315,823

GULF OF AMERICA (WEST)

–

–

75,334,101

–

–

–

75,334,101

GULF OF AMERICA EXPLORATION

–

–

–

–

16,339,580

–

16,339,580

Entity level payments

SHELL EXPLORATION AND PRODUCTION COMPANY

–

249,354

–

–

–

–

249,354

SHELL FRONTIER OIL AND GAS INC.

–

306,710

–

–

–

–

306,710

SHELL OFFSHORE INC.

–

509,094

–

–

184,320

860,822

1,554,236

SHELL PETROLEUM INC.

–

-25,200,518

–

–

–

–

-25,200,518

SHELL USA INC.

–

233,960

–

–

–

–

233,960

Total

–

-23,901,400

1,120,356,065

–

20,817,759

860,822

1,118,133,246

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Argentina

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

AGENCIA DE RECAUDACIÓN Y CONTROL ADUANERO

–

1,880,988

–

–

–

–

1,880,988

GAS Y PETRÓLEO DEL NEUQUÉN S.A.

34,615,936 [A]

–

–

–

–

–

34,615,936

PROVINCIA DE SALTA

–

–

2,568,298

–

–

–

2,568,298

PROVINCIA DEL NEUQUÉN

–

–

133,902,031

–

335,780

–

134,237,811

Total

34,615,936

1,880,988

136,470,329

–

335,780

–

173,303,033

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

ACAMBUCO

–

–

2,568,298

–

–

–

2,568,298

ARGENTINA UNCONVENTIONAL PROJECTS

34,615,936 [A]

–

133,902,031

–

335,780

–

168,853,747

Entity level payments

SHELL ARGENTINA S.A.

–

1,880,988

–

–

–

–

1,880,988

Total

34,615,936

1,880,988

136,470,329

–

335,780

–

173,303,033

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Includes payment in kind of $34,615,936 for 580 KBOE valuated at market price.

Brazil

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

AGÊNCIA NACIONAL DO PETRÓLEO GÁS NATURAL E BIOCOMBUSTÍVEIS

–

–

–

3,968,640

–

–

3,968,640

MINISTÉRIO DA FAZENDA

–

–

1,203,877,226

–

1,385,827,494

–

2,589,704,720

PRÉ-SAL PETRÓLEO S.A.

459,707,687 [A]

–

–

334,922,404

–

–

794,630,091

RECEITA FEDERAL DO BRASIL

–

865,744,450

–

–

–

–

865,744,450

Total

459,707,687

865,744,450

1,203,877,226

338,891,043

1,385,827,494

–

4,254,047,901

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

BASIN EXPLORATION PROJECTS

–

–

–

3,968,640

2,493,180

–

6,461,820

BC-10

–

–

30,470,273

–

1,049,230

–

31,519,503

BIJUPIRA AND SALEMA

–

–

–

–

420,504

–

420,504

BM-S-9, BM-S-9A, BM-S-11,BM-S-11A, ENTORNO DE SAPINHOA AND ATAPU

21,415,909 [B]

–

777,863,823

49,144,667

1,381,864,580

–

2,230,288,979

JUBARTE PRE-SAL

–

–

473,023

–

–

–

473,023

LIBRA PSC AND MERO

438,291,778 [C]

–

395,070,107

285,777,737

–

–

1,119,139,622

Entity level payments

SHELL BRASIL PETROLEO LTDA.

–

865,744,450

–

–

–

865,744,450

Total

459,707,687

865,744,450

1,203,877,226

338,891,043

1,385,827,494

–

4,254,047,901

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Includes payment in kind of $459,707,687 for 7,627 KBOE valuated at market price.

Includes payment in kind of $21,415,909 for 357 KBOE valuated at market price.

Includes payment in kind of $438,291,778 for 7,270 KBOE valuated at market price.

Colombia

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

AGENCIA NACIONAL DE HIDROCARBUROS

–

–

–

–

488,120

–

488,120

Total

–

–

–

–

488,120

–

488,120

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

COLOMBIA EXPLORATION OPERATED

–

–

–

–

488,120

–

488,120

Total

–

–

–

–

488,120

–

488,120

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Trinidad and Tobago

Government Reports (in USD) [1]

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Governments

MINISTRY OF ENERGY AND ENERGY INDUSTRIES

370,527,278

–

631,618

15,000,000

11,750,134

–

397,909,029

MINISTRY OF FINANCE

–

784,943

–

–

–

–

784,943

NGC EXPLORATION AND PRODUCTION INVESTMENTS LIMITED

62,520,620

–

–

–

–

–

62,520,620

Total

433,047,898

784,943

631,618

15,000,000

11,750,134

–

461,214,593

Project Reports (in USD)

Production Entitlements

Taxes

Royalties

Bonuses

Fees

Infrastructure Improvements

Total

Projects

BLOCK 5C

84,719,937

–

–

–

1,807,202

–

86,527,139

CENTRAL BLOCK

–

784,943

631,618

–

–

–

1,416,561

COLIBRI

170,033,758

–

–

–

3,520,166

–

173,553,924

DEEPWATER ATLANTIC AREA

–

–

–

–

559,194

–

559,194

EAST COAST MARINE AREA

104,452,047

–

–

–

2,220,437

–

106,672,484

EXPLORATION

–

–

–

–

345,905

–

345,905

MANATEE

–

–

–

15,000,000

892,499

–

15,892,499

NORTH COAST MARINE AREA 1

73,842,155

–

–

–

2,404,732

–

76,246,887

Total

433,047,898

784,943

631,618

15,000,000

11,750,134

–

461,214,593

For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Cautionary note
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Report “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this Report refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operation”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.