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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalEurope       Albania                       –                          –                          –                      –               228,097                      –               228,097Bulgaria                       –                          –                          –           658,383               145,695                      –               804,078Germany                       –          77,755,904                          –                      –                          –                      –          77,755,904Italy                       –            3,351,499          74,686,060                      –          66,336,536                      –        144,374,094Norway  2,120,072,656     1,649,751,614                          –                      –                          –                      –     3,769,824,270United Kingdom                       –        110,374,110                          –                      –          11,857,193                      –        122,231,303Asia       Brunei         3,313,159          40,519,441            7,202,519                      –                          –                      –          51,035,119China                       –          18,523,634                          –                      –                          –                      –          18,523,634India                       –         -14,562,223                          –                      –                          –                      –         -14,562,223Kazakhstan                       –        256,637,895                          –                      –                          –                      –        256,637,895Malaysia  1,691,805,666        285,593,040        405,405,924                      –                          –                      –     2,382,804,630Middle East       Oman     576,872,405     3,412,390,365                 900,000      3,990,162,769Qatar  1,479,379,939     1,401,933,995                          –                      –          31,476,961                      –     2,912,790,895Oceania       Australia                       –     1,445,905,137        358,637,902                      –          13,413,472           461,434     1,818,417,944Africa       Egypt                       –        155,405,582                          –        6,042,288                          –                      –        161,447,870Nigeria  1,237,467,592        236,994,532        454,028,549                      –          87,895,758                      –     2,016,386,431Sao Tome and Principe                       –                          –                          –                      –               200,000                      –               200,000Tanzania                       –                          –                          –                      –               142,811                      –               142,811Tunisia                       –            3,083,119            1,785,824                      –                          –                      –            4,868,943North America       Canada                       –        109,370,682            4,882,029                      –            1,542,623                      –        115,795,334Mexico                       –                          –                          –                      –              -137,827                      –              -137,827United States of America                       –         -23,901,400     1,120,356,065                      –          20,817,759           860,822     1,118,133,246South America       Argentina       34,615,936            1,880,988        136,470,329                      –               335,780                      –        173,303,033Brazil     459,707,687        865,744,450     1,203,877,226    338,891,043     1,385,827,494                      –     4,254,047,901Colombia                       –                          –                          –                      –               488,120                      –               488,120Trinidad and Tobago     433,047,898               784,943               631,618      15,000,000          11,750,134                      –        461,214,593Grand 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

1. The figures in this Report are rounded.
   

Albania

Government Reports (in USD) [1]

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                              DEGA E THESARIT BERAT                 –                 –                 –                 –         228,097                    –         228,097Total                 –                 –                 –                 –         228,097                    –         228,097

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                              ALBANIA OPERATED                 –                 –                 –                 –         228,097                    –         228,097Total                 –                 –                 –                 –         228,097                    –         228,097

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                 MINISTRY OF ENERGY BULGARIA                 –                 –                 –         658,383         145,695                    –         804,078Total                 –                 –                 –         658,383         145,695                    –         804,078

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                 KHAN TERVEL                 –                 –                 –         658,383         145,695                    –         804,078Total                 –                 –                 –         658,383         145,695                    –         804,078

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                              FEDERAL CENTRAL TAX OFFICE                 –    73,722,167                 –                 –                 –                    –    73,722,167MUNICIPALITY OF COLOGNE                 –        -564,461                 –                 –                 –                    –        -564,461MUNICIPALITY OF WESSELING                 –        -836,944                 –                 –                 –                    –        -836,944TAX AUTHORITY HAMBURG                 –      5,435,141                 –                 –                 –                    –      5,435,141Total                 –    77,755,904                 –                 –                 –                    –    77,755,904

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalEntity level payments                                                                                                                                              DEUTSCHE SHELL HOLDING GmbH                 –    77,755,904                 –                 –                 –                    –    77,755,904Total                 –    77,755,904                 –                 –                 –                    –    77,755,904

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                    CALVELLO MUNICIPALITY                 –                    –         822,781                 –                    –                    –         822,781CORLETO PERTICARA MUNICIPALITY                 –                    –      2,310,677                 –                    –                    –      2,310,677ENI SPA                 –                    –                    –                 –         435,200                    –         435,200GORGOGLIONE MUNICIPALITY                 –                    –         355,489                 –                    –                    –         355,489GRUMENTO NOVA MUNICIPALITY                 –                    –         470,161                 –                    –                    –         470,161MARSICO NUOVO MUNICIPALITY                 –                    –         352,620                 –                    –                    –         352,620MARSICOVETERE MUNICIPALITY                 –                    –         117,540                 –                    –                    –         117,540MONTEMURRO MUNICIPALITY                 –                    –         117,540                 –                    –                    –         117,540REGIONE BASILICATA                 –                    –    44,567,378                 –    61,369,377                    –   105,936,754TESORERIA PROVINICIALE DELLO STATO                 –      3,351,499    22,310,135                 –         808,495                    –    26,470,129VIGGIANO MUNICIPALITY                 –                    –      3,261,739                 –      3,723,464                    –      6,985,203Total                 –      3,351,499    74,686,060                 –    66,336,536                    –   144,374,094

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                    UPSTREAM ASSETS                 –      3,351,499    74,686,060                 –    66,336,536                    –   144,374,094Total                 –      3,351,499    74,686,060                 –    66,336,536                    –   144,374,094

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                         EQUINOR ASA  869,052,105  [A]                     –                 –                 –                 –                    –      869,052,105PETORO AS1,251,020,551                      [B]                     –                 –                 –                 –                    –   1,251,020,551SKATTEETATEN                         – 1,649,751,614                 –                 –                 –                    –   1,649,751,614Total    2,120,072,656 1,649,751,614                 –                 –                 –                    –   3,769,824,270

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                            ORMEN LANGE 2,120,072,656 [C]                     –                 –                 –                 –                    –   2,120,072,656Entity level payments                                                                                                                                                            A/S NORSKE SHELL                           – 1,649,751,614                 –                 –                 –                    –   1,649,751,614Total       2,120,072,656 1,649,751,614                 –                 –                 –                    –   3,769,824,270

1. 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.

1. Includes payment in kind of $869,052,105 for 12,508 KBOE valuated at market price.
2. Includes payment in kind of $1,251,020,551 for 18,006 KBOE valuated at market price.
3. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                     HM REVENUE AND CUSTOMS                 –    110,374,110                 –                 –                    –                    –      110,374,110NORTH SEA TRANSITION AUTHORITY                 –                     –                 –                 –    11,650,563                    –       11,650,563THE CROWN ESTATE SCOTLAND                 –                     –                 –                 –         206,630                    –            206,630Total                 –    110,374,110                 –                 –    11,857,193                    –      122,231,303

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                     BRENT AND OTHER NORTHERN NORTH SEA PROJECTS                 –    -51,981,053                 –                 –         632,416                    –      -51,348,637EXPLORATIONS PROJECTS                 –                     –                 –                 –      1,688,819                    –         1,688,819OFFSHORE OPERATED                 –                     –                 –                 –      2,457,930                    –         2,457,930ONEGAS WEST                 –                     –                 –                 –      2,769,338                    –         2,769,338WEST OF SHETLAND NON-OPERATED                 –                     –                 –                 –         983,512                    –            983,512Entity level payments                                                                                                                                                     SHELL U.K. LIMITED                 –    162,355,163                 –                 –      3,325,177                    –      165,680,340Total                 –    110,374,110                 –                 –    11,857,193                    –      122,231,303

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                MINISTRY OF FINANCE AND ECONOMY                 –    40,519,441                    –               –               –                    –       40,519,441PETROLEUM AUTHORITY OF BRUNEI DARUSSALAM   3,313,159                    –      7,202,519               –               –                    –       10,515,678Total   3,313,159    40,519,441      7,202,519               –               –                    –       51,035,119

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalEntity level payments                                                                                                                                                     SHELL DEEPWATER BORNEO B.V.                      –    35,956,751                    –               –               –                    –       35,956,751SHELL EXPLORATION AND PRODUCTION BRUNEI B.V.        3,313,159      4,562,690      7,202,519               –               –                    –       15,078,368Total        3,313,159    40,519,441      7,202,519               –               –                    –       51,035,119

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                  TIANJIN MUNICIPAL TAXATION BUREAU                 –      10,780,173                 –                 –                 –                    –       10,780,173YULIN MUNICIPAL TAXATION BUREAU                 –        7,743,461                 –                 –                 –                    –         7,743,461Total                 –      18,523,634                 –                 –                 –                    –       18,523,634

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalEntity level payments                                                                                                                                                  SHELL CHINA EXPLORATION & PRODUCTION COMPANY LTD                 –      18,523,634                 –                 –                 –                    –       18,523,634Total                 –      18,523,634                 –                 –                 –                    –       18,523,634

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                             INCOME TAX DEPARTMENT                 –   -14,562,223                 –               –               –                    –      -14,562,223Total                 –   -14,562,223                 –               –               –                    –      -14,562,223

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalEntity level payments                                                                                                                                             BG EXPLORATION AND PRODUCTION INDIA LIMITED                 –   -14,562,223                 –               –               –                    –      -14,562,223Total                 –   -14,562,223                 –               –               –                    –      -14,562,223

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                  TAX COMITEE IN ATYRAU                 –      44,351,823                 –                 –                 –                    –       44,351,823WEST KAZAKHSTAN TAX COMMITTEE                 –    212,286,072                 –                 –                 –                    –      212,286,072Total                 –    256,637,895                 –                 –                 –                    –      256,637,895

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                  KARACHAGANAK                 –    212,286,072                 –                 –                 –                    –      212,286,072NORTH CASPIAN SEA                 –      44,351,823                 –                 –                 –                    –       44,351,823Total                 –    256,637,895                 –                 –                 –                    –      256,637,895

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                               LEMBAGA HASIL DALAM NEGERI                         –    285,593,040                       –                 –                 –                    –      285,593,040MALAYSIA FEDERAL AND STATE GOVERNMENTS                         –                     – 385,269,243 [A]                 –                 –                    –      385,269,243PETROLEUM SARAWAK EXPLORATION AND PRODUCTION SDN. BHD.    99,864,493    [B]                     –                       –                 –                 –                    –       99,864,493PETROLIAM NASIONAL BERHAD  845,231,131  [C]                     –        20,136,682                 –                 –                    –      865,367,812PETRONAS CARIGALI SDN.BHD.  746,710,042  [D]                     –                       –                 –                 –                    –      746,710,042Total    1,691,805,666    285,593,040      405,405,924                 –                 –                    –   2,382,804,630

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                                 SABAH GAS - NOT OPERATED                          –      15,384,648             929,077                 –                 –                    –       16,313,725SABAH INBOARD AND DEEPWATER OIL 1,089,763,624 [E]    129,881,545 264,887,071 [F]                 –                 –                    –   1,484,532,240SARAWAK OIL AND GAS   602,042,041   [G]    127,896,684 139,589,776 [H]                 –                 –                    –      869,528,501Entity level payments                                                                                                                                                                 SABAH SHELL PETROLEUM COMPANY LIMITED                          –        3,846,422                       –                 –                 –                    –         3,846,422SARAWAK SHELL BERHAD                          –        1,956,613                       –                 –                 –                    –         1,956,613SHELL ENERGY ASIA LIMITED                          –        2,070,079                       –                 –                 –                    –         2,070,079SHELL OIL AND GAS (MALAYSIA) LLC                          –          418,556                       –                 –                 –                    –            418,556SHELL SABAH SELATAN SENDIRIAN BERHAD                          –        4,138,495                       –                 –                 –                    –         4,138,495Total      1,691,805,666    285,593,040      405,405,924                 –                 –                    –   2,382,804,630

1. 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.

1. 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.
2. 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.
3. 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.
4. 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.
5. Includes payment in kind of $1,089,763,624 for 14,572 KBOE valuated at market price.
6. Includes payment in kind of $259,666,784 for 3,467 KBOE valuated at market price.
7. 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.
8. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                        MINISTRY OF ENERGY AND MINERALS  576,872,405  [A]                     –                –                –                    –                    –      576,872,405MINISTRY OF FINANCE                         – 3,391,341,601                –                –         900,000                    –   3,392,241,601THE SECRETARIAT GENERAL FOR TAXATION MINISTRY OF FINANCE                         –      21,048,764                –                –                    –                    –       21,048,764Total       576,872,405 3,412,390,365                –                –         900,000                    –   3,990,162,769

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                        BLOCK 6 CONCESSION                         – 3,391,341,601                –                –                    –                    –   3,391,341,601BLOCK 10 CONCESSION  576,872,405  [A]      21,048,764                –                –         400,000                    –      598,321,168BLOCK 11 CONCESSION                         –                     –                –                –         500,000                    –            500,000Total       576,872,405 3,412,390,365                –                –         900,000                    –   3,990,162,769

1. 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.

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                          QATARENERGY  1,479,379,939 1,401,933,995                 –                 –    31,476,961                    –   2,912,790,895Total  1,479,379,939 1,401,933,995                 –                 –    31,476,961                    –   2,912,790,895

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                          PEARL GTL  1,479,379,939 1,401,933,995                 –                 –    31,476,961                    –   2,912,790,895Total  1,479,379,939 1,401,933,995                 –                 –    31,476,961                    –   2,912,790,895

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                        AUSTRALIAN TAXATION OFFICE                 – 1,445,905,137                    –                 –                    –                    –   1,445,905,137BANANA SHIRE COUNCIL                 –                     –                    –                 –         226,326                    –            226,326FEDERAL DEPARTMENT OF INDUSTRY, SCIENCE AND RESOURCES                 –                     –    71,579,702                 –         115,311                    –       71,695,012QUEENSLAND DEPARTMENT OF ENVIRONMENT AND SCIENCE                 –                     –                    –                 –         853,606                    –            853,606QUEENSLAND DEPARTMENT OF NATURAL RESOURCES AND MINES                 –                     –                    –                 –         513,172                    –            513,172QUEENSLAND REVENUE OFFICE                 –                     –   287,058,200                 –                    –                    –      287,058,200RESOURCES SAFETY AND HEALTH QUEENSLAND                 –                     –                    –                 –      1,863,345                    –         1,863,345WESTERN DOWNS REGIONAL COUNCIL                 –                     –                    –                 –      9,841,711         461,434       10,303,145Total                 – 1,445,905,137   358,637,902                 –    13,413,472         461,434   1,818,417,944

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                        NORTH WEST SHELF                 –                     –    71,579,702                 –                    –                    –       71,579,702PRELUDE                 –                     –                    –                 –         115,311                    –            115,311QGC                 –    659,476,027   287,058,200                 –    13,298,161         461,434      960,293,822Entity level payments                                                                                                                                                        SHELL AUSTRALIA PTY LTD                       786,429,110                                                                                           786,429,110Total                 – 1,445,905,137   358,637,902                 –    13,413,472         461,434   1,818,417,944

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                        EGYPTIAN GENERAL PETROLEUM CORPORATION                 –    155,405,582                    –      6,042,288                 –                    –      161,447,870Total                 –    155,405,582                    –      6,042,288                 –                    –      161,447,870

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                        EGYPT OFFSHORE DEVELOPMENT                 –    155,405,582                    –                    –                 –                    –      155,405,582EGYPT OFFSHORE EXPLORATION                 –                     –                    –      5,000,000                 –                    –         5,000,000Entity level payments                                                                                                                                                        SHELL EGYPT N.V.                 –                     –                    –      1,042,288                 –                    –         1,042,288Total                 –    155,405,582                    –      6,042,288                 –                    –      161,447,870

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                                   FEDERAL INLAND REVENUE SERVICE                          –  236,994,532  [A]                         –            –                    –                    –      236,994,532NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE                          –                         –                         –            –      2,397,000                    –         2,397,000NIGER DELTA DEVELOPMENT COMMISSION                          –                         –                         –            –    85,498,758                    –       85,498,758NIGERIAN NATIONAL PETROLEUM CORPORATION 1,237,467,592 [B]                         –                         –            –                    –                    –   1,237,467,592NIGERIAN UPSTREAM PETROLEUM REGULATORY COMMISSION                          –                         –  454,028,549  [C]            –                    –                    –      454,028,549Total      1,237,467,592       236,994,532       454,028,549            –    87,895,758                    –   2,016,386,431

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                                   EAST ASSET   238,832,621   [D]                         –                         –            –                    –                    –      238,832,621OML144                          –                         –                         –            –      7,642,550                    –         7,642,550PSC 1993 (OPL209/OML133)                          –    93,824,926    [E]                         –            –                    –                    –       93,824,926PSC 1993 (OPL212/OML118, OPL219/OML135)    689,820,582    [F] 123,713,854 [G]  387,429,297  [H]            –    58,877,045                    –   1,259,840,778WEST ASSET     308,814,389     [I]                         –                         –            –                    –                    –      308,814,389Entity level payments                                                                                                                                                                   THE SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA LIMITED                          –         19,455,752         66,599,252            –    21,376,163                    –      107,431,167Total      1,237,467,592       236,994,532       454,028,549            –    87,895,758                    –   2,016,386,431

1. 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.

1. Includes payment in kind of $217,538,780 for 3,121 KBOE valued at market price.
2. Includes payment in kind of $1,237,467,592 for 22,346 KBOE valued at market price.
3. Includes payment in kind of $387,429,297 for 5,442 KBOE valuated at market price.
4. Includes payment in kind of $238,832,621 for 8,726 KBOE valuated at market price.
5. Includes payment in kind of $93,824,926 for 1,330 KBOE valuated at market price.
6. Includes payment in kind of $689,820,582 for 9,634 KBOE valuated at market price.
7. Includes payment in kind of $123,713,854 for 1,791 KBOE valuated at market price.
8. Includes payment in kind of $387,429,297 for 5,442 KBOE valuated at market price.
9. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                      AGÊNCIA NACIONAL DO PETRÓLEO DE SÃO TOMÉ E PRÍNCIPE                      –                 –                 –                 –         200,000                    –            200,000Total                      –                 –                 –                 –         200,000                    –            200,000

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                      DEEPWATER BLOCK 4                      –                 –                 –                 –         200,000                    –            200,000Total                      –                 –                 –                 –         200,000                    –            200,000

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                      PETROLEUM UPSTREAM REGULATORY AUTHORITY                      –                 –                 –                 –         142,811                    –            142,811Total                      –                 –                 –                 –         142,811                    –            142,811

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                      BLOCK 1 AND 4                      –                 –                 –                 –         142,811                    –            142,811Total                      –                 –                 –                 –         142,811                    –            142,811

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                     ENTREPRISE TUNISIENNE D'ACTIVITÉS PÉTROLIÈRES                 –                     –    534,110 [A]                 –                 –                    –            534,110LE RECEVEUR DES FINANCES  DU LAC                 –        3,083,119      1,251,714                 –                 –                    –         4,334,833Total                 –        3,083,119      1,785,824                 –                 –                    –         4,868,943

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                     HASDRUBAL CONCESSION                 –        3,083,119 1,785,824 [A]                 –                 –                    –         4,868,943Total                 –        3,083,119      1,785,824                 –                 –                    –         4,868,943

1. 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.

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

Canada

Government Reports (in USD) [1]

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                        GOVERNMENT OF ALBERTA                 –                     –         173,471                 –         227,225                    –            400,697MINISTRY OF FINANCE (BRITISH COLUMBIA)                 –                     –      4,708,558                 –         640,989                    –         5,349,547MINISTRY OF JOBS, ECONOMIC DEVELOPMENT AND INNOVATION                 –                     –                    –                 –         674,408                    –            674,408PROVINCIAL TREASURER OF ALBERTA                 –      38,275,621                    –                 –                    –                    –       38,275,621RECEIVER GENERAL FOR CANADA                 –      71,095,062                    –                 –                    –                    –       71,095,062Total                 –    109,370,682      4,882,029                 –      1,542,623                    –      115,795,334

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                        ATHABASCA OIL SANDS                 –    109,370,682                    –                 –                    –                    –      109,370,682GREATER DEEP BASIN                 –                     –         173,471                 –         227,225                    –            400,697GROUNDBIRCH                 –                     –      4,708,558                 –      1,315,397                    –         6,023,955Total                 –    109,370,682      4,882,029                 –      1,542,623                    –      115,795,334

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                 SERVICIO DE ADMINISTRACIÓN TRIBUTARIA                 –                 –                 –                 –        -137,827                    –           -137,827Total                 –                 –                 –                 –        -137,827                    –           -137,827

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                 MEXICO EXPLORATION DEEPWATER                 –                 –                 –                 –        -137,827                    –           -137,827Total                 –                 –                 –                 –        -137,827                    –           -137,827

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                        COMPTROLLER OF PUBLIC ACCOUNTS                 –          233,960                    –                 –                    –                    –            233,960INTERNAL REVENUE SERVICE                 –    -25,200,518                    –                 –                    –                    –      -25,200,518LOUISIANA DEPARTMENT OF TRANSPORTATION AND DEVELOPMENT                 –                     –                    –                 –                    –         860,822            860,822OFFICE OF NATURAL RESOURCES REVENUE                 –                     –1,120,356,065                 –    20,817,759                    –   1,141,173,823STATE OF LOUISIANA                 –        1,065,158                    –                 –                    –                    –         1,065,158Total                 –    -23,901,4001,120,356,065                 –    20,817,759         860,822   1,118,133,246

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                        GULF OF AMERICA (CENTRAL)                 –                     –1,045,021,964                 –      4,293,859                    –   1,049,315,823GULF OF AMERICA (WEST)                 –                     –    75,334,101                 –                    –                    –       75,334,101GULF OF AMERICA EXPLORATION                 –                     –                    –                 –    16,339,580                    –       16,339,580Entity level payments                                                                                                                                                        SHELL EXPLORATION AND PRODUCTION COMPANY                 –          249,354                    –                 –                    –                    –            249,354SHELL FRONTIER OIL AND GAS INC.                 –          306,710                    –                 –                    –                    –            306,710SHELL OFFSHORE INC.                 –          509,094                    –                 –         184,320         860,822         1,554,236SHELL PETROLEUM INC.                 –    -25,200,518                    –                 –                    –                    –      -25,200,518SHELL USA INC.                 –          233,960                    –                 –                    –                    –            233,960Total                 –    -23,901,4001,120,356,065                 –    20,817,759         860,822   1,118,133,246

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                        AGENCIA DE RECAUDACIÓN Y CONTROL ADUANERO                         –   1,880,988                    –                 –                 –                    –         1,880,988GAS Y PETRÓLEO DEL NEUQUÉN S.A.    34,615,936    [A]                 –                    –                 –                 –                    –       34,615,936PROVINCIA DE SALTA                         –                 –      2,568,298                 –                 –                    –         2,568,298PROVINCIA DEL NEUQUÉN                         –                 –   133,902,031                 –      335,780                    –      134,237,811Total         34,615,936   1,880,988   136,470,329                 –      335,780                    –      173,303,033

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                        ACAMBUCO                         –                 –      2,568,298                 –                 –                    –         2,568,298ARGENTINA UNCONVENTIONAL PROJECTS    34,615,936    [A]                 –   133,902,031                 –      335,780                    –      168,853,747Entity level payments                                                                                                                                                        SHELL ARGENTINA S.A.                         –   1,880,988                    –                 –                 –                    –         1,880,988Total         34,615,936   1,880,988   136,470,329                 –      335,780                    –      173,303,033

1. 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.

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

Brazil

Government Reports (in USD) [1]

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                                       AGÊNCIA NACIONAL DO PETRÓLEO GÁS NATURAL E BIOCOMBUSTÍVEIS                         –                     –                       –      3,968,640                      –                    –         3,968,640MINISTÉRIO DA FAZENDA                         –                     –  1,203,877,226                    –  1,385,827,494                    –   2,589,704,720PRÉ-SAL PETRÓLEO S.A.  459,707,687  [A]                     –                       –   334,922,404                      –                    –      794,630,091RECEITA FEDERAL DO BRASIL                         –    865,744,450                       –                    –                      –                    –      865,744,450Total       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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                                       BASIN EXPLORATION PROJECTS                         –                     –                       –      3,968,640         2,493,180                    –         6,461,820BC-10                         –                     –       30,470,273                    –         1,049,230                    –       31,519,503BIJUPIRA AND SALEMA                         –                     –                       –                    –            420,504                    –            420,504BM-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                    –   2,230,288,979JUBARTE PRE-SAL                         –                     –            473,023                    –                      –                    –            473,023LIBRA PSC AND MERO  438,291,778  [C]                     –     395,070,107   285,777,737                      –                    –   1,119,139,622Entity level payments                                                                                                                                                                       SHELL BRASIL PETROLEO LTDA.                         –    865,744,450                     –                      –                    –      865,744,450Total       459,707,687    865,744,450  1,203,877,226   338,891,043  1,385,827,494                    –   4,254,047,901

1. 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.

1. Includes payment in kind of $459,707,687 for 7,627 KBOE valuated at market price.
2. Includes payment in kind of $21,415,909 for 357 KBOE valuated at market price.
3. Includes payment in kind of $438,291,778 for 7,270 KBOE valuated at market price.

Colombia

Government Reports (in USD) [1]

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                 AGENCIA NACIONAL DE HIDROCARBUROS                 –                 –                 –                 –         488,120                    –            488,120Total                 –                 –                 –                 –         488,120                    –            488,120

 Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                 COLOMBIA EXPLORATION OPERATED                 –                 –                 –                 –         488,120                    –            488,120Total                 –                 –                 –                 –         488,120                    –            488,120

1. 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 EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalGovernments                                                                                                                                                         MINISTRY OF ENERGY AND ENERGY INDUSTRIES    370,527,278                 –      631,618    15,000,000    11,750,134                    –      397,909,029MINISTRY OF FINANCE                      –      784,943                 –                    –                    –                    –            784,943NGC EXPLORATION AND PRODUCTION INVESTMENTS LIMITED      62,520,620                 –                 –                    –                    –                    –       62,520,620Total    433,047,898      784,943      631,618    15,000,000    11,750,134                    –      461,214,593

Project Reports (in USD)

  Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalProjects                                                                                                                                                         BLOCK 5C      84,719,937                 –                 –                    –      1,807,202                    –       86,527,139CENTRAL BLOCK                      –      784,943      631,618                    –                    –                    –         1,416,561COLIBRI    170,033,758                 –                 –                    –      3,520,166                    –      173,553,924DEEPWATER ATLANTIC AREA                      –                 –                 –                    –         559,194                    –            559,194EAST COAST MARINE AREA    104,452,047                 –                 –                    –      2,220,437                    –      106,672,484EXPLORATION                      –                 –                 –                    –         345,905                    –            345,905MANATEE                      –                 –                 –    15,000,000         892,499                    –       15,892,499NORTH COAST MARINE AREA 1      73,842,155                 –                 –                    –      2,404,732                    –       76,246,887Total    433,047,898      784,943      631,618    15,000,000    11,750,134                    –      461,214,593

1. 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.