Shell Plc · LSE:SHEL
Shell — Q4 2021 Earnings Presentation
62 slides from Shell's earnings presentation, Feb 3, 2022
Slide 1: Fourth Quarter 2021 Results
#PoweringProgress L ye" m @) oe FOURTH QUARTER 2021 RESULTS STRONG DELIVERY, ACCELERATED DISTRIBUTIONS Shell ple February 3, 2022
Slide 2: Definitions & Cautionary Note
DEFINITIONS & CAUTIONARY NOTE ‘Adjusted Eomings isthe income attributable to Shell ple shareholders forthe period, adjusted forthe aftertax effect of oil price changes on inventory and for identified items. In this presentation, “earnings” refers to “Adjusted Earnings” unless stated otherwise. Adjus
Slide 3: The Shell Investment Case
THE SHELL INVESTMENT CASE GENERATING SHAREHOLDER VALUE Growing value through a dynamic portfolio and disciplined capital allocation POWERING PROGRESS Our strategy to accelerate the transition to netzero emissions, purposefully and profitably RESPECTING NATURE Protecting the environment, reducing was
Slide 4: Q4 2021 Key Messages
POWERING PROGRESS Q4 2021 KEY MESSAGES Powering Progress strategy delivery Very strong 2021 full year and Q4 results 2022 - Accelerated distributions = Reshaped organisation and portfolio, = Adjusted Earnings of $6.4 billion in Q4, up = $8.5 billion buyback programme for HI, Simplified corporate and
Slide 5: Building Strong Partnerships to Move to Net Zero
POWERING PROGRESS BUILDING STRONG PARTNERSHIPS TO MOVE TO NET ZERO ») Hydro MoU signed to jointly produce and supply hydrogen from renewable electricity in hubs centred around Hydro and Shell’s own business. ea Breakthrough Energy First energy anchor partner in their Catalyst programme. Backed by Bi
Slide 6: Strategy Day 2021 Progress as of 2021
STRATEGY DAY 2021 PROGRESS AS OF 2021 Energy Transition Customer Growth ~55 mtpa ~55% Reduction in Gas share of traditional fuel hydrocarbon 40 million 55,000 Customers served at Shell-branded retail service stations retail service stations daily by 2025 by 2025 production by production by 2030 2030
Slide 7: Marketing: Profitably Decarbonising with Our Customers
MARKETING PROFITABLY DECARBONISING WITH OUR CUSTOMERS Strategic levers New revenues ™ New convenience stores ® Digital and Services New customers = Market share growth in China, India, Indonesia, Mexico, Russia = New locations Grow base ™ Premium growth: V-Powe: Lubricants ™ New locations Decarbonis
Slide 8: Renewables and Energy Solutions
RENEWABLES AND ENERGY SOLUTIONS INTEGRATED CLEAN ENERGY SYSTEMS: HIGHER FUTURE RETURNS Targets Integrated Power & Becoming o lealng provider of clean >560 TWh Power-as-cService Sales to customers by 2030 Double-digit Share of global clean hydrogen sales by 2035 Carbon capture and storage § Develop c
Slide 9: Integrated Gas
INTEGRATED GAS A WORLD LEADER IN LNG: RESILIENT CASH GENERATION Lead the market ™ Grow market footprint by creating new markets and embracing new customers ™ Build material LNG for transport business Grow the business ™ Selective investment in competitive LNG. assets ™ Greater value, volume and opti
Slide 10: Chemicals and Products
CHEMICALS AND PRODUCTS INTEGRATED ENERGY AND CHEMICALS CARBON PRODUCTS Targets Transition to Energy and 5 Chemicals Parks . Core energy and chemicals parks = Delivering synergies, bringing customers and assets together ~55 mtpa Reduction in traditional fuel production by 2030 Focus on sustainable ch
Slide 11: Upstream
UPSTREAM DELIVERING THE ENERGY OF TODAY WHILE FUNDING THE ENERGY OF TOMORROW Focusing the portfolio ™ Maximising value from lean positions: develop into core, harvest for cash or divest ™ Focusing exploration on core positions Delivering competitively O lesdingdacesercrd celina projects portfolio 1
Slide 12: Shell Energy and Chemicals Park Singapore
CHEMICALS AND PRODUCTS SHELL ENERGY AND CHEMICALS PARK SINGAPORE ST AT THE HEART OF ASIA-PACIFIC REGION SES) » _ L 0 Gud prasacastne eaprrtyyredtead| yy ctiant _ @ \/ half in 2021 at Bukom LN ‘S a a) ~S ‘A 550,000 tpa biofuels facility* is being explored to produce low-carbon products = Investing in
Slide 13: Value Generation Through Integration
r VALUE GENERATION THROUGH INTEGRATION PROFITABLY DECARBONISING WITH OUR CUSTOMERS SECTOR BY SECTOR Mobility offers on the go Fuelefficient lubricants & Efluids offsetting Telematics & Energyefficient digital solutions lubricants & maintenance solutions Gas/GTL & process oils Biogenic & feedstock Ci
Slide 14: Renewables & Energy Solutions: Clean Power in Australia
RENEWABLES & ENERGY SOLUTIONS BECOMING A LEADING PROVIDER OF CLEAN POWER-AS-A-SERVICE IN AUSTRALIA Powershop acquisition to broaden Shell’s customer portfolio to include Australian households, adding over 185,000 customers sonnen launches EV subscription service, sonnenDrive, allowing its customers
Slide 15: Portfolio: Divestment Proceeds of $15 Billion in 2021
PORTFOLIO DELIVERING DIVESTMENT PROCEEDS OF $15 BILLION IN 2021 I Gosnor I_fredericia refinery HB Duvernay shales Il PCK Schwedt refinery ry Puget Sound BE _ Mobile refinery Permian gill I Egypt Western Desert Deer Park refinery* Faure Hi Malampaya HE QGC infrastructure Hi Completed divestments HB A
Slide 16: Capital Allocation: Target Shareholder Distributions
CAPITAL ALLOCATION TARGET SHAREHOLDER DISTRIBUTIONS OF 20-30% OF CFFO Clear capital allocation framework Operationalising the framework = $19-22 billion Cash capex per annum to sustain our strategy Base Cash capex Inorganic capex included in the range Ordinary progressive dividend = ~4% dividend per
Slide 17: Capital Allocation: Stepping Up Shareholder Distributions
CAPITAL ALLOCATION STEPPING UP SHAREHOLDER DISTRIBUTIONS = $8.5 billion share buyback programme announced for HI] 2022, Shareholder 2021 2022 including $5.5 billion from the Permian proceeds, with intended distributions announcements announcements completion by Q2 2022 results announcement subject t
Slide 18: Capital Allocation - Next Phase
CAPITAL ALLOCATION - NEXT PHASE 2021 DELIVERY AND OUTLOOK GROWTH PILLAR: THE FUTURE OF ENERGY TRANSITION PILLAR: ENABLING OUR STRATEGY UPSTREAM PILLAR: FUNDING OUR STRATEGY Net debt end-2021: $53 billion Base Cash Capex $19-22 billion ~$3 billion $2.3 billion ~$4 billion $45 billion ~$8 billion 2021
Slide 19: Energy Transition Spend
NON-ENERGY PRODUCTS & DECARBONISATION OF CUSTOMERS ENERGY TRANSITION SPEND 2021 2021 2022 $55 bin total expenditure ~ 1/34 Energy Transition Spend ~ 2/34 of $55 bin in Opex | Growth miTransition | Upstream = Capex MET Opex ET Capex Energy Transition Spend: Opex is an important value = Expected to be
Slide 20: HSSE Performance
2021 HSSE PERFORMANCE Goal Zero on safety Operational spills Injuries (TRCF) per million working hours Million working hours Thousand tonnes # of spills 2 800 a 300 2 200 1 400 1 100 a ie} a ie} 2012 2013 2014-2015 2016 = 2017 2018 2019 «2020-2021 2012, 2013) 2014 20152016 2017, 2018 = 2019 2020. 20
Slide 21: Carbon: Our Climate Targets
CARBON OUR CLIMATE TARGETS UN PARIS AGREEMENT Strategy aligns with goal to limit the increase in the global average temperature to 1.5 degrees Celsius above pre-industrial levels NET ZERO BY 2050 Netzero emissions energy business by 2050 including all emissions (Scopes 1, 2 and 3) in step with socie
Slide 22: Q4 2021 Financial Results
Q4 2021 FINANCIAL RESULTS STRONG RESULTS DRIVEN BY ROBUST Seo/ebl eee OPERATIONS AND RESILIENT PORTFOLIO $11.5 billion a Includes non-cash gains of $3.2 billion due to the fair value accounting of commodity derivatives, . net gains of $3.0 billion on asset sales, partly offset by posttax impairment
Slide 23: Strong Cash Conversion
Q4 2021 FINANCIAL RESULTS STRONG CASH CONVERSION Adjusted Earnings Q3 2021 to Q4 2021 Cash conversion Q4 2021 $ billion $ billion 8 20 26 05 02 6 may LI (03) (01) a .6) 2 4 8 2 4 ie) ie} & st Da ee ¢ $ wy ef ¢ a oa P e aa ss - s : . s x Left graph: information presented on a CCS basis, excluding ide
Slide 24: Strong Cash Flow Generation Resulting in Net Debt Reduction
Q4 2021 FINANCIAL RESULTS STRONG CASH FLOW GENERATION RESULTING IN NET DEBT REDUCTION Net debt Q3 2021 to Q4 2021 Net debt 2016 to 2021 (incl. leases) $ billion $ billion = Net debt before IFRS 16 = Net debt post IFRS 16 = Gearing (RHS) os ama) 100 40% or Tt 30% 80 Rooe ot — (9.1) Ll ~~. 2° ry oe 0
Slide 25: Cash Potential: Integrated Business Model
CASH POTENTIAL INTEGRATED BUSINESS MODEL DELIVERING VALUE Balanced CFFO excluding working capital Track record of strong CFFO $ billion $ billion 60 60 50 50 40 40 30 30 20 20 10 10 0 0 2015 2016 2017 2018 2019 2020 2021 2015 2016 2017 2018 2019 2020 2021 Hi Downstream [ll Integrated Gas & R&ES Ill
Slide 26: Renewables and Energy Solutions
Q4 2021 FINANCIAL RESULTS . www. shell.com/investors RENEWABLES AND ENERGY SOLUTIONS Adjusted Earnings Cash conversion Q4 QI 2022 outlook 6 = Production is expected to be approximately 4 23 on Ol 4 13 “ aS 760 - 820 thousand boe/d. 01 ; 5 30 = =—-_ —_— . Al | = LNG liquefaction volumes are expected
Slide 27: Upstream
Q4 2021 FINANCIAL RESULTS UPSTREAM aaa aaah ata Adjusted Earnings Cash conversion Q4 Q1 2022 outlook 26 8.5 — oo 0.4 2p os 66 09 z=—— 3.0 1 = . —_ = 01 oo 5 . 0.5 § 09 00 z i 17 a s ° 28 + st s 2 2 2 6 & FS SF EC SE € SS ° er ar) ro p eo 8 SF & > = Ss *WWO = well write-offs = Production is expected
Slide 28: Oil Products
Q4 2021 FINANCIAL RESULTS OIL PRODUCTS Adjusted Earnings Cash conversion Q4 Quarterly Databook available on www. shell.com/investors Q1 2022 outlook 12 $ billion ° is & 2 03 17 2 oF a 09 06 SEF ERO FSOM EC SP Ce L CS EE OE Fo SF SS Sy ee er FS o* ¥ ca = oa = é es e = Refinery utilisation is expected
Slide 29: Chemicals
Quarterly Databook available on www. shell.com/investors Cash conversion Q4 Q1 2022 outlook = Manufacturing plant utilisation is expected to be Adjusted Earnings 125 25 ; _ | —™ mm °° approximately 78% - 86%. . = Sales volumes are expected to be approximately Q4 2021 FINANCIAL RESULTS CHEMICALS 395
Slide 30: SEC Proved Reserves Position
PRELIMINARY RESULTS SEC PROVED RESERVES POSITION Resenves\perfonmance = 2021 RRR +120% = 2021 RRR (excl. A&D) +138% = 3year average RRR +43% = Reserves/Production at end-2021 ~7.6 years Production 1.4 1.3 1.2 SEC proved reserves 1.1 91 94 Reserves/ Production ~B.0 ~71 ~76 (years) RRR 65% -53% +120%
Slide 31: Share Simplification
SHARE SIMPLIFICATION SIMPLER. MORE FLEXIBLE. FASTER. DELIVERING THE STRATEGY 2005 Unificaion:The January 2022: Nane chon ond dualshare structure of RDS assimilation of shares implemented. was created in 2005 with ACCELERATE SHARE BUYBACKS tax residency inthe Netherlands and legal Establishi tional s
Slide 32: New Reporting Segments
ENHANCING DISCLOSURES AND IMPROVING TRANSPARENCY NEW REPORTING SEGMENTS Introduction of Quarterly Update Note Quarterly Press Release Enhanced quarterly disclosures New reporting segments | 2019 2020 2021 Current segments Future segments Reporting scope Mobility I Lubricants I Sectors & Decarbonisat
Slide 33: Marketing Major Projects
MARKETING MAJOR PROJECTS = com Sy ca Under construction ~ Startup 2022-2023 Shell Bovarius USA 100 Renewable Fuels- RNG ¥ Shell Galloway USA 100 Renewable Fuels- RNG ¥ aw, y, lonzalet USA 15.4 Renewable Fuels Pecilfic vane Plant Rotterdam Varennes Carbon Recycling Canada 40 Renewable Fuels Shell Jun
Slide 34: Integrated Gas Portfolio & Major Projects
INTEGRATED GAS PORTFOLIO & MAJOR PROJECTS Peak LNG Project Country shel production expocty ee 4 Under construction ~ Startup 2022-2023 Arrow Surat Gas Australia 50 backfil Colibri Trinidad & Tobago 87 backfil v _ Gorgon-Jansz Australia 25 backiil Nee Lake Charles Progen /#l.m GATE eo Oman Gas* Oman
Slide 35: Chemicals and Products Portfolio & Major Projects
CHEMICALS AND PRODUCTS PORTFOLIO & MAJOR PROJECTS Mossmorran @ Rotterdam Scotford Hl Rheinland __ Moerdifk Pennsylvania A ioco @ Nanhai Geismar c" Pulau Buk lau Bukom gm, Jurong Island KEY Energy and chemicals parks - O Sites under construction Integrated refining and chemicals sites © Chemicalsonly
Slide 36: Upstream Portfolio & Major Projects
UPSTREAM PORTFOLIO & MAJOR PROJECTS mo Ey pels pepe ie Under construction - Startup 2022-2023 Mero 1 [A] Brazil 20 180 Mero 2 [A] Brazil 20 180 Timi Malaysia 75 50 v Pierce post Depressurisation UK 93 30 v Penguins Redevelopment. UK 50 45 v UK @ PowerNap USA 100 20 v Cenietn Vito USA 63 100 v Under
Slide 37: A Customer-Led Integrated Energy Offering
A CUSTOMER-LED INTEGRATED Oo ENERGY OFFERING te a S Ox ge nm ® - & [> @ fe my Neg (J EUROPE KEY & ¥ wa —" aa % = "4 RON a & Mobility Oke) to) “CIE Energy solutions GP Energy access ® ces ® Naturebased solutions EP Power trading & marketing [Fk Hydrogen @D Bioluels Shell offers integrated solutions t
Slide 38: Upcoming Events and Useful Links
Upcoming events Useful links: 21 Feb 2022 Integrated Gas Business Update Strategy Day 2021 5 May 2022 = QI] 2022 results Annual and Quarterly Databook 10 May 2022 Annual ESG Update Shell Energy Transition Strategy 24 May 2022 Annual General Meeting Annual reports and publications Nigeria briefing no
Slide 39: Additional Definitions
ADDITIONAL DEFINITIONS Metric efit Breakeven price The forward-looking breakeven price for a preFID project is calculated at FID based on all forwardlooking costs associated with that project. Accordingly, this typically excludes exploration & appraisal costs, lease bonuses, exploration seismic, exp
Slide 40: Slide 40
Slide 41: Capital Allocation: Capex Evolving Towards Growth Pillar
CAPITAL ALLOCATION CAPEX EVOLVING TOWARDS GROWTH PILLAR SUSTAINING OUR STRATEGY -~ Net debt above $65 billion Cash Priority: Strengthen balance sheet and maintain ~4% dividend per share growth annually, subject to Board approval = Cash capex of $19-22 billion per annum Minimum capex to deliver the s
Slide 42: Capital Allocation: Differentiated Return Expectations by Business
CAPITAL ALLOCATION DIFFERENTIATED RETURN EXPECTATIONS Project level approach 6) BY BUSINESS GROWTH PILLAR: TRANSITION PILLAR: UPSTREAM PILLAR: THE FUTURE OF ENERGY ENABLING OUR STRATEGY FUNDING OUR STRATEG' Marketing Renewables and Integrated Gas Chemicals Upstream Energy Solutions and Products TYPI
Slide 43: Cash Potential: Diversified and Resilient Cash Generation
CASH POTENTIAL DIVERSIFIED AND RESILIENT CASH GENERATION ACROSS THE CYCLE $ billion 50 40 30 20 10 WwW) Royal Dutch Shell | February 11, 2021 $55 $50 $60 Historical S:year average Medium term Medium term = Medium-term cash flow sensitivities per $10/bbl Brent movement Upstream: CFFO impact $4 billio
Slide 44: ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼
◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼
Slide 45: Strategy Day 2021 Disclosure Overview
STRATEGY DAY 2021 DISCLOSURE OVERVIEW Integrated Gas Opex reduction of ~20% by 2022 vs. 2019 >20% share in LNG bunkering sales by 2030 >7 mtpa of new LNG capacity onstream by the middle of the decade Develop 3 mtpa of new LNG markets by 2025 Project competitiveness: UTC <$5/MMBtu WwW) Royal Dutch Sh
Slide 46: Remuneration 2021 Scorecard and LTIP Design
REMUNERATION 2021 Scorecard and LTIP design CHANGES TO DIRECTORS’ 2021 SHELL SCORECARD 2021 LTIP PERFORMANCE CONDITIONS REMUNERATION seasures i CE FOR 2021 Absolute measures 40% | Relative measures 60% FINANCIAL Cash flow from operations. $ - bn 35% DELIVERY ° 20% a vil Availability ~ % 25% OPERATIO
Slide 47: Greenhouse Gas Protocol Emissions Reporting
We report our emissions in line with the Greenhouse Gas Protocol Initiative Carbon Dioxide Methane Nitrous Oxide Hydrofluorocarbons Perfluorocarbons Sulphur Hexafluoride Nitrogen Trifluoride 4 : (CO2) (CHz) (N20) (HFCs) [PFCs] (SFs) (NFs) di C SCOPE 3 SCOPE 1 Steam Elect ety primarily scope 1 & 2 em
Slide 48: Overview of Emissions
| oll Vast majority of emissions result from the use of energy we sell An overview of emissions, million tonnes COze Scope 3: other = Our total emissions under operational control (Scopes | & 2) were 80 million tonnes CO2e* = Total emissions resulting from use of the energy products we sell (Scope 3
Slide 49: Examples of Energy Transition Milestones by 2030
CARBON EXAMPLES OF ENERGY TRANSITION MILESTONES BY 2030 = () & Operational efficiency! = Eliminating routine flaring = Maintaining methane emissions intensity <0.2% (2025) Natural gas shift = Oil production peaked in 2019, expected to decline 1-2% per annum ® No new frontier exploration entries anti
Slide 50: Marketing: Performing Strongly and a Platform for Growth
MARKETING PERFORMING STRONGLY AND A PLATFORM FOR FUTURE GROWTH Strategic delivery on track; resilient growth through cycle Adjusted Earnings % of Shell $ billion Adjusted Earnings 7 100 6 5 80 5 ~7% CAGR 4 60 3 40 2 20 1 0 ) 2013 2017 2020 2025 ambition Hi Retail Ml Lubricants Ml Others @ Marketing
Slide 51: Renewables and Energy Solutions: Integrated Power Portfolio
RENEWABLES AND ENERGY SOLUTIONS INTEGRATED POWER PORTFOLIO - DELIVERING CUSTOMER-CENTRIC ENERGY SOLUTIONS = Anew Shell business established in 2016 = More than 650 professionals, around a third being external hires with experience across the power sector, and more than 3,400 staff in Shell portfolio
Slide 52: A Customer-First Strategy
RENEWABLES AND ENERGY SOLUTIONS A CUSTOMER-FIRST STRATEGY - INTEGRATED CLEAN ENERGY SYSTEMS DRIVE HIGHER RETURNS Simplifying customer decarbonisation journeys by offering integrated energy solutions Leveraging Shell’s core advantages in power: = Existing global customer base with significant ambitio
Slide 53: Creating a Clean Hydrogen Market
RENEWABLES AND ENERGY SOLUTIONS CREATING A CLEAN HYDROGEN MARKET TO SERVE INDUSTRY AND HEAVY-DUTY TRANSPORT Clean hydrogen! global demand projections Our hydrogen strategy Million tonnes per annum = Orchestrate integrated hydrogen hubs to serve industry and heavy-duty 696 transport, anchored on Shel
Slide 54: Integrated Clean Energy Systems - Rotterdam Example
RENEWABLES AND ENERGY SOLUTIONS INTEGRATED CLEAN ENERGY SYSTEMS - ROTTERDAM EXAMPLE = Customercentric approach = Digitally-enabled product platforms = Customerdemandbacked asset development Example: Rotterdam Clean Energy Hub = Our offtake agreement from the Hollandse Kust (Noord) wind farm (759 MW
Slide 55: Integrated Gas: World Leader in LNG
INTEGRATED GAS WORLD LEADER IN LNG: RESILIENT CASH GENERATION INTO THE FUTURE Lead the market Run the business Grow the business = Leverage world-class innovation, flexibility and LNG — = Unmatched portfolio optionality and resilience; = Selective investment in competitive LNG assets, trading capabi
Slide 56: Grow Our Unmatched LNG Supply Portfolio
INTEGRATED GAS GROW OUR UNMATCHED LNG SUPPLY PORTFOLIO Unit technical cost $ per MMBtu 8 2015 2016 2017 2018 2019 2020 Competitive funnel of opportunities = Selective investment in competitive LNG assets; including backfill and expansion options = Unit technical cost reduced by around 40% to $4.8/MM
Slide 57: Integrated Energy Solutions in Queensland, Australia
INTEGRATED GAS INTEGRATED ENERGY SOLUTIONS IN QUEENSLAND, AUSTRALIA LNG export & domestic gas sales serve local and global customers ... 7.8 MT QGC sold globally 2.5 BCM domestic sales >>> 0.5 BCM arrow eiprlelic@Ge ... with power retailing established and a solid customer base ... em 17 TWh annual
Slide 58: Low-Carbon Solutions Through Energy and Chemicals Parks
CHEMICALS AND PRODUCTS DELIVERING LOW-CARBON SOLUTIONS THROUGH INTEGRATED ENERGY AND CHEMICALS PARKS Transition to 5 core Energy and Chemicals Parks = Delivering synergies through integrating Refining and Chemicals, bringing customers and assets together = Expanding to low-carbon product offerings W
Slide 59: Transforming Our Assets for the Customer of the Future
CHEMICALS AND PRODUCTS TRANSFORMING OUR ASSETS FOR THE CUSTOMER OF THE FUTURE Reducing fuel production at Energy and Chemicals Parks mtpa I Base oils and bitumen © Chemicals i Fuels 2020 2030 Increase performance chemicals at a higher margin mtpa Circular chemicals I Performance chemicals I Intermed
Slide 60: Upstream: Delivering the Energy of Today
UPSTREAM DELIVERING THE ENERGY OF TODAY WHILE FUNDING THE ENERGY OF TOMORROW Uk Wi Kazakhstan I Gulf of Mexico Oman BB Nigeria . a Molaysio. pg Ml Brunei Wi Brazil I Core positions WwW) Royal Dutch Shell | February 11, 2021 SUSTAINING CASH DELIVERY INTO THE 2030s Focusing the portfolio = Prioritisin
Slide 61: Nigeria: Environmental Performance: Spills
NIGERIA ; ENVIRONMENTAL PERFORMANCE: SPILLS HE IIRC TGCS SPDC JV spills Environmental management Thousand tonnes # spills ub 200 PREVENTION 5 100 | , i 2011 2012 -2013««2014-«2015.««2016-«2017.-—«2018-=««-2019—=« 2020 New pipeline Wellhead cages Antitamper locks Surveillance Community liaison HE Vol
Slide 62: Nigeria: Reviewing Operational Response and Portfolio Options
NIGERIA ACTIVELY REVIEWING OUR OPERATIONAL RESPONSE AND PORTFOLIO OPTIONS FOR ONSHORE OIL IN NIGERIA = A focused operational response by SPDC JV has resulted in notable improvements on spills in 2020 eo = Despite interventions, sabotage and theft continues = Onshore footprint reduced by 50% since 20