Shell News – 2011

News summaries from Shell press releases and from unaffiliated news agencies are provided below. The summaries are sorted by month and are further categorized as upstream news, downstream news, and business/finance news.

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January

• Upstream news:

• Downstream news:

• Business/Finance news:

- Royal Dutch Shell officials faced tough questions from Dutch lawmakers over pollution from its oil operations in Nigeria at a conference convened in the Netherlands to shed light on the oil giant’s dealings in the West African country. Environmental organizations and business officials at the round-table meeting in The Hague differed sharply on how much responsibility Shell should take for the environmental damage. The devastation is particularly severe in the poor and fragile Niger Delta region, which has suffered more from oil production than perhaps any other place on earth after years of spills caused by rickety infrastructure, theft and sabotage. The conference, called by the Economic Affairs Committee of the lower house of Parliament, came a day after the advocacy groups Friends of the Earth and Amnesty International lodged a complaint with Dutch officials of the Organization for Economic Cooperation and Development, accusing the company of “nontransparent, inconsistent and misleading figures” on the causes of the oil leaks. The organizations argue that Shell understated its responsibility for spills to reduce its legal liability and that it ignored human rights abuses for the sake of profit. Ian Craig, Shell’s executive vice president for sub-Saharan Africa, countered that 70 percent of oil spills were caused by sabotage or by “bunkering” — the organized theft of oil. Mr. Craig conceded that the number of spills remained “unacceptably high” but attributed them partly to kidnappings or threats against employees, which have sharply reduced maintenance activities for several years. He said that the backlog was now being reduced.

February

• Upstream news:

- Faced with continued regulatory delays, Royal Dutch Shell announced that it was abandoning plans to drill for oil in Alaskan Arctic waters this year but that it remained committed to exploring in the area in the future. Shell has already invested $3.5 billion to drill in Alaska’s Beaufort and Chukchi Seas, but the company has been snarled in regulatory delays and lawsuits since it entered into 10-year exploration leases five years ago. The latest hurdle is obtaining an air quality permit from the Environmental Protection Agency, which has been delayed by an E.P.A. appeals panel that recently ruled that it wanted a more thorough review of the impact diesel emissions from exploration might have on local indigenous communities. Shell had been urging the government to make a quick determination, since the company would need some time to get equipment in place to drill next summer when the water is free of ice. Moving the equipment and other preparations would cost more than $100 million. Company executives finally decided that time had run out for this year.

- Shell published “Signals & Signposts” – a report into future energy scenarios which offers a deeper understanding of global developments and the world’s energy supply, use and needs. They help us to make crucial choices in uncertain times as we grapple with tough energy and environmental issues. “Signals & Signposts” updates our thinking by taking into account the impact of the global economic and financial crisis. Over the next four decades, the world’s energy system will see profound developments. Heightened collaboration between civil society and the public and private sectors is vital if we want to address economic, energy and environmental challenges. Partnerships must be grounded in commercial reality, but energy and environmental developments have to accelerate in the right direction. We must widen and deepen the debate across industry and geographical boundaries.

- Qatargas and Shell announced that the first cargo of liquefied natural gas (LNG) from the Qatargas 4 Project (70% Qatar Petroleum, and 30% Shell) has loaded. The cargo is en route to Hazira receiving terminal in India. Qatargas, the company who pioneered the LNG Industry in Qatar, now has a production capacity of 42 mtpa of LNG, from its seven trains. This makes it the world’s largest LNG producer.

• Downstream news:

- Shell confirmed it has received an offer from Essar Energy to buy its 272,000 barrel-per-day Stanlow refinery and associated local marketing businesses in the UK for a total expected consideration of some $1.3 billion. In light of Essar’s offer, the two companies signed an exclusivity agreement until 1st April 2011, under which break fees would be payable if either company fails to sign an asset sales agreement. Pursuing this deal is aligned with Shell’s strategy to concentrate its global manufacturing portfolio on larger and more sophisticated assets. In addition to the proposed sale of the assets, which would be expected to close by mid 2011, the two companies would enter into an exclusive five year crude supply contract by Shell to Essar and into long-term agreements for the supply of products in the UK by Essar to Shell.

- Shell announced it has agreed to divest the majority of its shareholding in most of its downstream businesses in Africa to Vitol and Helios Investment Partners for a total consideration of some $1 billion. Under the agreements, Shell will retain equity in two new joint venture companies, which will assure continued availability of Shell fuels and lubricants in 14 African countries under the Shell brand.

• Business/Finance news:

- At 07.00 GMT (08.00 CET and 02.00 EST) on Thursday 3 February, 2011 Royal Dutch Shell plc released its fourth quarter and full year 2010 results and fourth quarter interim dividend announcement for 2010.

- The Board of Royal Dutch Shell plc (“RDS”) today announced the Reference Share Price in respect of the fourth quarter interim dividend of 2010, which was announced on February 3rd, 2011 at $0.42 per A ordinary share (“A Share”) and B ordinary share (“B Share”) and $0.84 per American Depository Share (“ADS”). The Reference Share Price is the US dollar equivalent of the average of the closing price for the Company’s A Shares listed on Euronext Amsterdam for the five dealing days commencing on (and including) the date on which the Shares are first quoted ex-dividend in respect of the relevant dividend. The Reference Share Price is calculated by reference to the Euronext Amsterdam closing price in euro. The US dollar equivalent of the closing price on each of the dealing days referred to above is calculated using a market currency exchange rate prevailing at the time.

March

• Upstream news:

- Brunei Shell Petroleum (BSP - Shell 50%) announced a significant new oil discovery in the coastal waters of the south-east Asian sultanate. The discovery, named Geronggong, is situated in the 3rd Offshore Acreage Area, approximately 100km offshore where water depth is approximately 1000m, the deepest water depth in which BSP has discovered hydrocarbons in Bruneian acreage. BSP drilled the discovery utilizing the deepwater drilling rig Noble Phoenix. Prior to its arrival in Brunei, the drillship has undergone refurbishment and recertification on their thrusters, riser and blow out preventer (BOP) systems, leading to full compliance with the high standards of Shell’s Health, Safety and Environment (HSE) criteria for deepwater drilling.

- Qatar Petroleum and Shell announced the first flow of dedicated offshore gas into the Pearl GTL plant located in Ras Laffan Industrial City in the State of Qatar. Shell, which is the operator of the Pearl GTL plant developed under a Production and Sharing Agreement with QP, has opened natural gas wells offshore allowing the first sour gas to flow through a subsea pipeline into the giant GTL plant onshore. Sections of the Pearl GTL plant will be started up progressively over the coming months. The Pearl GTL project was launched in July 2006 and the first stone was laid by His Highness Sheikh Tamim bin Hamad Al-Thani, the Heir Apparent in February 2007. Pearl GTL is the largest energy project ever launched in the State of Qatar, in terms of total investments. It consists of two offshore platforms 60 kilometres off the Qatar coast, connected by pipeline to the largest Gas to Liquids plant ever built, located in Ras Laffan Industrial City.

• Downstream news:

- Shell announced it has signed a sales and purchase agreement for its 270,000 barrel-per-day Stanlow refinery in the United Kingdom and certain associated local marketing businesses with Essar Oil (UK) Limited (Essar) for a total expected consideration of some $1.3 billion. The announcement follows a formal offer Essar made for Stanlow in mid-February. The proposed sale covers Oil Products, Chemicals Manufacturing and access rights to certain distribution terminal assets, plus the Commercial Fuels Bulk Fuels and local Marine fuels businesses associated with the refinery. It does not include any of Shell’s UK Retail sites, the Shell higher olefins plant and alcohols units, the lubricant oils blending plant, lubricants marketing business, Shell aviation operations at airports, non-local marine business, marine lubricants, commercial road transport marketing businesses, bitumen marketing business or the Shell technology centre at Thornton.

• Business/Finance news:

- The Board of Royal Dutch Shell plc (“RDS”) today announced the pounds sterling and euro equivalent dividend payments in respect of the fourth quarter 2010 interim dividend, which was announced on February 3, 2011 at US$0.42 per A ordinary share (“A Share”) and B ordinary share (“B Share”).

- Dividends on A Shares will be paid, by default, in euro at the rate of €0.3002 per A Share. Holders of A Shares who have validly submitted pounds sterling currency elections by February 25, 2011 will be entitled to a dividend of 25.82p per A Share.

- Dividends on B Shares will be paid, by default, in pounds sterling at the rate of 25.82p per B Share. Holders of B Shares who have validly submitted euro currency elections by February 25, 2011 will be entitled to a dividend of €0.3002 per B Share.

- This dividend will be payable on March 25, 2011 to those members whose names were on the Register of Members on February 11, 2011.

- The Board of Royal Dutch Shell plc (“RDS”) announced the pounds sterling and euro equivalent dividend payments in respect of the fourth quarter 2010 interim dividend, which was announced on February 3, 2011 at US$0.42 per A ordinary share (“A Share”) and B ordinary share (“B Share”). Dividends on A Shares will be paid, by default, in euro at the rate of €0.3002 per A Share. Holders of A Shares who have validly submitted pounds sterling currency elections by February 25, 2011 will be entitled to a dividend of 25.82p per A Share. Dividends on B Shares will be paid, by default, in pounds sterling at the rate of 25.82p per B Share. Holders of B Shares who have validly submitted euro currency elections by February 25, 2011 will be entitled to a dividend of €0.3002 per B Share. This dividend will be payable on March 25, 2011 to those members whose names were on the Register of Members on February 11, 2011.

- The Board of Royal Dutch Shell plc (the "Company") announces its intention to propose to the 2011 Annual General Meeting that Linda Gillespie Stuntz be elected a Non-executive Director of the Company with effect from June 1, 2011. She will, if elected, become a member of the Audit Committee with effect from the same date.

- The Board of Royal Dutch Shell plc (the "Company") announces that Mr Wim Kok, Non-executive Director since 2003 and Chairman of the Corporate and Social Responsibility Committee and member of the Nomination and Succession Committee, has elected to retire from the Board at the 2011 Annual General Meeting scheduled to be held on May 17, 2011.

- At its annual Investor Day in London, Shell will highlight progress on its strategic plan to deliver profitable growth for shareholders. Rapid economic development in non-OECD countries is driving sustained, and long term demand growth for all forms of energy. Regulatory and political uncertainties are adding to price and cost volatility in this long term trend. Shell is on track to deliver its strategic targets by 2012, namely for a 50-80% increase in cashflow from operations 2009-2012, in $60-$80 oil price and improved Downstream and natural gas environment. These targets were defined in early 2010 against the context of the global economic downturn, in order to generate surplus cashflow for shareholders through-cycle. The targets are underpinned by one of the most substantial portfolios of new oil & gas projects in our industry today. In the first year of delivery against this three year strategic plan – 2010 – Shell saw some $10 billion, or 40% improvement in operating cashflow to $33 billion, lower costs, higher oil & gas production, and continued progress with Downstream restructuring. This was a strong all-round performance in 2010.

- Showa Shell Sekiyu K.K. and Shell said they would make a combined donation of US $2 million to the Japanese Red Cross Society to provide disaster relief assistance in response to the catastrophic earthquake and tsunami in Japan. The Shell Group, in addition to this, has implemented a worldwide employee donation program to further support Japan’s disaster relief efforts.

- Royal Dutch Shell plc announces that it has issued 31,143,934 A Ordinary shares in relation to the scrip dividend program for the fourth quarter 2010 interim dividend. Following the issue, the total number of A shares in issuance is 3,595,096,473 and the total number of B shares is unchanged at 2,695,808,103. Royal Dutch Shell plc holds no ordinary shares in Treasury.

- At 07.00 BST (08.00 CEST and 02.00 EDT) on Thursday 28 April, 2011 Royal Dutch Shell plc will release its first quarter results and first quarter interim dividend announcement for 2011.

April

• Upstream news:

• Downstream news:

- Shell announced it has agreed to sell most of its Downstream business in Chile to Quiñenco for a total consideration of some US$614 million. Under a separate agreement, Quiñenco has also been appointed as a Macro Distributor to market, sell and distribute Shell branded lubricants in Chile and will become the delivery service provider for Shell Marine Products' international customers in the country. The proposed sale, which covers all Shell’s existing Retail, Commercial Fuels, Bitumen and Chemicals businesses, in addition to related supply and distribution infrastructure in Chile, follows a review by Shell of its downstream businesses in the country and is consistent with the company’s strategy to concentrate its global downstream portfolio into fewer and larger markets. The retail network of about 300 sites will continue to be Shell-branded through a trademark license agreement.

• Business/Finance news:

- Shell published its Sustainability Report for 2010, which describes how it is helping to meet rising energy demand in economically, environmentally and socially responsible ways. The report covers Shell’s environmental and social performance for the year and outlines its contribution towards building a sustainable energy future. Shell is producing more cleaner-burning natural gas, investing in the production of low-CO2 biofuels, helping to develop carbon capture and storage technologies, and working to improve its own energy efficiency. We are also offering our customers more advanced fuels and lubricants that help save energy.

- The Board of Royal Dutch Shell plc (“RDS”) announced an interim dividend in respect of the first quarter of 2011 of US$0.42 per A ordinary share (“A Share”) and B ordinary share (“B Share”), equal to the US dollar dividend for the same quarter last year.

May

• Upstream news:

- Shell announced the successful start of production from its Scotford Upgrader Expansion project in Canada. The 100,000 barrels-per-day expansion takes upgrading capacity at Scotford to 255,000 barrels-per-day of heavy oil from the Athabasca oil sands. The announcement marks the first commercial production from the upgrader expansion. The Scotford Upgrader processes oil sands bitumen – heavy oil – from the Muskeg River Mine and Jackpine Mine, for use in refined oil products. With production capacity at the Athabasca Oil Sands Project now at 255,000 barrels-per-day, engineers will focus on improving operating efficiencies and adding capacity through debottlenecking.

- U.S. EPA's top air pollution official said that the agency is close to an agreement with Royal Dutch Shell PLC over an air permit for the oil giant's Arctic drilling project, which has faced years of setbacks. Shell was planning to start drilling exploratory wells this summer until a ruling by EPA's Environmental Appeals Board sent the project's air permit back to federal regulators. The company, which has spent more than $3.5 billion over the past five years on leases and development, decided to wait another year. It unveiled its plan to start drilling as many as three wells in the Chukchi Sea in July 2012 Gina McCarthy, the head of EPA's Office of Air and Radiation, told members of the House Energy and Commerce Committee that the agency isn't standing in the way. An agreement is close, she said, echoing optimistic statements earlier by Shell executives after a series of high-level meetings with officials from EPA and the White House.

- Shell announces final investment decision on Prelude Floating LNG project in Australia. The Board of Royal Dutch Shell plc (Shell) has taken the final investment decision on the Prelude Floating Liquefied Natural Gas (FLNG) Project in Australia (100% Shell), building the world’s first FLNG facility. Moored far out to sea, some 200 kilometres from the nearest land in Australia, the FLNG facility will produce gas from offshore fields, and liquefy it onboard by cooling. The decision means that Shell is now ready to start detailed design and construction of what will be the world’s largest floating offshore facility, in a ship yard in South Korea. From bow to stern, Shell’s FLNG facility will be 488 metres long, and will be the largest floating offshore facility in the world – longer than four soccer fields laid end to end. When fully equipped and with its storage tanks full, it will weigh around 600,000 tonnes – roughly six times as much as the largest aircraft carrier. Some 260,000 tonnes of that weight will consist of steel – around five times more than was used to build the Sydney Harbour Bridge.

• Downstream news:

- Shell Eastern Trading (Pte.) Ltd, trading as Shell Eastern LNG (Shell), and CPC Corporation, Taiwan (CPC) have signed a Heads of Agreement (HOA) for the long-term supply of liquefied natural gas (LNG) from Shell’s global LNG portfolio. With this HOA Shell will supply two million tonnes per annum for 20 years starting in 2016. The agreements were signed recently by CPC and Shell in Taipei and Singapore respectively and exchanged by the parties in Taipei. This is the first long-term LNG deal between Shell and CPC. The agreement will see Shell become one the main suppliers of LNG to Taiwan.

• Business/Finance news:

- The Board of Royal Dutch Shell plc (“RDS”) announced the Reference Share Price in respect of the first quarter interim dividend of 2011, which was announced on April 28th, 2011 at $0.42 per A ordinary share (“A Share”) and B ordinary share (“B Share”) and $0.84 per American Depository Share (“ADS”).

June

• Upstream news:

- Shell announced a significant, multi-billion dollar investment to develop its major Cardamom oil and gas field in the deep waters of the Gulf of Mexico (GoM). The Cardamom project is expected to produce 50,000 barrels of oil equivalent (boe) a day at peak production and more than 140 million boe over its lifetime. Shell’s rigorous global safety standards underpin our approach to deep-water exploration and production. Our exploration plan for Cardamom (Shell interest 100%) was the first to receive approval since the lifting of the US government moratorium on drilling in the GoM. As a result of today’s final investment decision, Shell will move ahead with further development drilling and installing undersea equipment. Shell discovered the Cardamom reservoir in 2010 using advanced seismic technology that was able to produce improved images versus traditional seismic methods. The discovery was confirmed by drilling a well from Shell’s Auger platform that broke records for length and depth. The exploration wells were drilled more than 6.4 kilometres (four miles) below the seabed.

- Shell and China National Petroleum Company (CNPC) signed a Global Alliance Agreement emphasizing their shared intent to pursue mutually beneficial cooperation opportunities internationally as well as in China. The two parties also signed a Shareholders Agreement to establish a Well Manufacturing joint venture (50% CNPC and 50% Shell) subject to further corporate and government approvals. It is intended that the joint venture will develop an innovative, highly automated Well Manufacturing System (WMS) that could significantly improve the efficiency of drilling and completing new wells onshore. The details of the parties’ respective contributions to the joint venture will be agreed during the transition phase over the coming months.

• Downstream news:

- Shell and Cosan launched a multi-billion dollar joint venture that will become a leading producer of the low-carbon biofuel, ethanol made from sugar cane. Named Raízen, this major retail and commercial fuels company will operate in Brazil, one of the world's fastest-growing markets. In one of the biggest biofuels deals to date, Shell is combining its extensive retail experience, global network and research in advanced biofuels with Cosan's technical knowledge of producing biofuels on a large scale. Raízen will produce and sell over 2 billion litres a year of the lowest-carbon biofuel commercially available - ethanol made from Brazilian sugar cane.

- Qatar Petroleum and Shell announced that the Pearl gas-to-liquids (GTL) plant, located in Ras Laffan Industrial City in the State of Qatar, has sold its first commercial shipment of GTL Gasoil. The sale marks the start of production of GTL products when the State of Qatar and Shell, the operator of the Pearl GTL plant, begin to receive revenue from the project. Over the coming months, production will ramp up from the first production unit (‘train’) of the Pearl GTL project. The second train is expected to start up before the end of 2011. The plant is expected to reach full production capacity by the middle of 2012 and is the largest energy project ever launched in the State of Qatar.

- Shell U.K. Limited agreed to acquire 254 petrol retail sites in the UK from Rontec Investments LLP (the Snax 24 Consortium) for a total cash consideration of around $400mln (£240mln), bringing competitively priced quality fuels to more customers across the UK. The deal with the Snax 24 Consortium marks the biggest single expansion of Shell’s petrol station network in the UK, where the company has marketed quality fuels to motorists for nearly 100 years. Most recently, UK motorists responded positively to Shell’s new regular fuel, Shell FuelSave, which was introduced in 2010 to complement Shell’s premium fuels offer Shell V-Power.

- Shell announced it had signed agreements with the Governments of Alberta and Canada to secure $865 million in funding for its Quest Carbon Capture and Storage (CCS) Project in Canada. The Quest Project will capture and permanently store deep underground more than one million tonnes of CO2 per year from Shell’s Scotford Upgrader near Edmonton, Alberta, which processes heavy oil from the Athabasca oil sands.

• Business/Finance news:

- The Board of Royal Dutch Shell plc (“RDS”) announced the pounds sterling and euro equivalent dividend payments in respect of the first quarter 2011 interim dividend, which was announced on April 28, 2011 at US$0.42 per A ordinary share (“A Share”) and B ordinary share (“B Share”). Dividends on A Shares will be paid, by default, in euro at the rate of €0.2888 per A Share. Holders of A Shares who have validly submitted pounds sterling currency elections by May 27, 2011 will be entitled to a dividend of 25.71p per A Share.

- Royal Dutch Shell plc announces that it has issued 23,910,996 A Ordinary shares in relation to the scrip dividend program for the first quarter 2011 interim dividend. following the issue, the total number of A shares in issuance is 3,619,007,469 and the total number of B shares is unchanged at 2,695,808,103. Royal Dutch Shell plc holds no ordinary shares in Treasury.

- At 07.00 BST (08.00 CEST and 02.00 EDT) on Thursday 28 July, 2011 Royal Dutch Shell plc will release its second quarter results and second quarter interim dividend announcement for 2011.

July

• Upstream news:

• Downstream news:

• Business/Finance news:

- The Board of Royal Dutch Shell plc (“RDS”) announced an interim dividend in respect of the second quarter of 2011 of US$0.42 per A ordinary share (“A Share”) and B ordinary share (“B Share”), equal to the US dollar dividend for the same quarter last year.

- At 07.00 BST (08.00 CEST and 02.00 EDT) on Thursday 28 July, 2011 Royal Dutch Shell plc released its second quarter and half year 2011 results and second quarter interim dividend announcement for 2011.

August

• Upstream news:

- The Department of the Interior granted Royal Dutch Shell conditional approval of its plan to begin drilling exploratory wells in the Arctic Ocean next summer, a strong sign that the Obama administration is easing a regulatory clampdown on offshore oil drilling that it imposed after last year’s deadly accident in the Gulf of Mexico. The move confirms a willingness by President Obama to approve expanded domestic oil and gas exploration in response to high gasoline prices and continuing high levels of unemployment. It comes as the issuing of drilling permits in the gulf is quickening, including the granting of a permit for a Shell floating drill rig for a 4,000-foot-deep well. That means that that all five of its rigs there will be back to work after a long drilling halt. The decision to tentatively approve Shell’s plan to drill four exploratory wells in the Beaufort Sea off the North Slope of Alaska represents a major step in the company’s efforts to exploit the vast oil and gas resources under the Arctic Ocean, although some hurdles remain. The company has spent nearly $4 billion and more than five years trying to win the right to drill in the frigid waters, against the opposition of many environmental advocates and of Alaska natives who depend on the sea for their livelihoods. Opponents say the harsh conditions there heighten the dangers of drilling and make cleaning up any potential spill vastly more complicated than in the comparatively benign waters of the gulf. Administration officials cautioned that the company must win a number of secondary permits before it can begin punching holes in the seabed. The plan approved, considered the overarching one, contains detailed information on how the company would respond to any blowout and spill. Shell enthusiastically welcomed the decision. But the announcement only partly smooths the rocky relations between the administration and the oil industry, with the president remaining committed to repealing $4 billion in annual oil company tax breaks. The administration has also been wary of encouraging the industry’s aggressive plans to drill in shale oil and gas fields across the country because of concerns about potential drinking water contamination. The plan is almost certain to face legal challenges. Shell still needs to win approval of its drilling plan for the Chukchi Sea, which is west of the Beaufort Sea and more remote. The company has proposed drilling four wells at a depth of approximately 160 feet of water about 20 miles from shore in the Beaufort Sea. The BP well that exploded in the gulf in April 2010 was at a depth of more than 5,000 feet and 40 miles from the Louisiana coast. The accident killed 11 workers and spilled nearly five million barrels of oil into the gulf. Energy experts and industry executives said the move reflected a partial warming of relations between the oil industry and Obama administration since the BP disaster. Shell has spent years trying to convince federal regulators and several courts that it can drill safely in the Arctic, and every year one hurdle or another has stood in its way. Shell has already invested nearly $4 billion on its 10-year offshore leases and preparations for exploration in the forbidding Chukchi and Beaufort Seas. Its current plan is to drill up to 10 exploratory wells in the two seas, potentially leading to production by the end of the decade. Shell has been obliged over the years to tighten its spill response plan, especially since the BP accident at the Macondo well in the gulf. It is proposing to use two drill ships in the Arctic, each capable of drilling a relief well for the other; to put an extra set of shears on its blowout preventers; and to keep emergency capping systems near drill sites to capture any leaks. The Alaskan Arctic may hold 27 billion barrels of oil, enough to fuel 25 million cars for 35 years. But environmentalists warn that a spill in the Arctic would be more catastrophic than the Gulf of Mexico accident was because the Alaskan waters are dark and inaccessible, and because they are vital breeding grounds for many aquatic species that are endangered or at risk.

- Shell U.K. Limited confirms the oil leak in a flow line to our Gannet Alpha platform is under control. The subsea well was shut in and the flowline on the seabed is now isolated and depressurized. Leakage of oil has been considerably reduced. The size of the sea surface affected is estimated to be some 31 kms by 4.3 kms at its widest point and the sheen is currently moving west from the field. Our current expectation is it will be naturally dispersed through wave action and will not reach shore. The weather currently is southerly winds of 25 to 30 knots and the sea state is some 2 meter waves. We have deployed a Remote-Operated Vehicle (ROV) to do inspection checks and monitor the subsea leak which is on a flow line on the sea bed. The relevant authorities (MCA, DECC, HSE) continue to be kept informed.

- The oil leak on a flow line system that serves the Shell-operated Gannet Alpha platform remains under control, with the well shut in. Work continues to stop the oil remaining in the flowline from leaking. We estimate that the current rate of leaking is less than 5 barrels a day. The sheen, which also changes from day to day, is 0.5 square kilometres in size. The spill is a light crude oil with a low wax content (API-36). There is also some hydraulic fluid in present.

- Pressure mounted on Royal Dutch Shell to explain how 1,300 barrels of oil could have leaked from a pipeline into the North Sea in a spill that has tarnished Britain’s reputation for avoiding such problems. Shell said it was still working on finding the source of a smaller leak, which was discovered last week, from the same part of the pipeline connecting a well with the Gannet Alpha platform about 122 miles east of the Scottish city of Aberdeen. About one barrel a day was still leaking into the sea, Shell said. The British Department of Energy and Climate Change said the spill had been “substantial” in the context of the British continental shelf, even though it was small in comparison with the one caused by an explosion of a well in the Gulf of Mexico last year. The broken pipeline allowed about 218 tons of oil to flow out, making it the biggest leak in British waters for a decade. An oil sheen now covers about 10 square miles of water, the company said. Shell said that it had shut the well and depressurized the pipeline, reducing the amount of oil that could still leak into the water, the company said. The leak was “under control,” Shell said. Still, the leak “had proved difficult to find because we are dealing with a complex subsea infrastructure, and the position of the small leak is in an awkward place surrounded by marine growth,” Shell said. Shell was under pressure to disclose the reason for the spill and to stop any oil flowing into the sea after it emerged that the company had waited three days to issue a public statement about the leak, even though it had informed the authorities. Shell said it had started an investigation into the spill and was still working to establish its cause. The company’s shares closed 0.5 percent lower in London. British safety records and regulation for offshore oil drilling won praise from officials in the United States after the accident in the Gulf of Mexico, which spewed 4.9 million barrels of oil into the water and caused substantial environmental damage. Stricter regulation in Britain was seen as the reason it had avoided larger spills in the North Sea. After the gulf accident, the British energy secretary ordered an increase in inspections of drilling rigs and offshore compliance. A review last year by the Department of Energy and Climate Change found existing systems to be “fit for purpose.” The latest spill is likely to put pressure on London to stick to its pledge of relying more on renewable sources of energy. Greenpeace criticized Britain last year for approving a controversial deepwater drilling project by Chevron in the North Sea just seven months after the gulf accident. The amount of oil spilled through Gannet Alpha is more than four times the total amount of oil spilled into British waters last year. The rig is operated by Shell on behalf of itself and Esso Exploration and Production, a unit of Exxon Mobil. Shell said that it regretted the situation. Environmental groups accused Shell of being too slow in disclosing how much oil had leaked.

• Downstream news:

- Shell welcomes the announcement of the awarding of the front-end engineering design (FEED) contract associated with the Arrow LNG Project in Queensland, Australia. Arrow Energy, jointly owned by PetroChina and Royal Dutch Shell, will use Shell’s proprietary LNG technology. The engineering design will be undertaken by an international consortium comprising the Chiyoda Corporation, CB&I (Chicago Bridge and Iron) and Saipem. The Arrow LNG plant will be designed with two trains each producing four million tonnes of LNG per annum for export, with potential to expand the facility at a later stage.

- Shell welcomes the announcement of the awarding of the front-end engineering design (FEED) contract associated with the Arrow LNG Project in Queensland, Australia. Arrow Energy, jointly owned by PetroChina and Royal Dutch Shell, will use Shell’s proprietary LNG technology. The engineering design will be undertaken by an international consortium comprising the Chiyoda Corporation, CB&I (Chicago Bridge and Iron) and Saipem. The Arrow LNG plant will be designed with two trains each producing four million tonnes of LNG per annum for export, with potential to expand the facility at a later stage.

• Business/Finance news:

- The Board of Royal Dutch Shell plc (“RDS”) announced the Reference Share Price in respect of the second quarter interim dividend of 2011, which was announced on July 28th, 2011 at $0.42 per A ordinary share (“A Share”) and B ordinary share (“B Share”) and $0.84 per American Depository Share (“ADS”).

- Royal Dutch Shell plc (the 'Company') announces its intention to commence a share buyback programme in accordance with authority granted by shareholders at the Company's 2011 Annual General Meeting. The purpose of the share buy-back programme is to offset dilution created by the issuance of shares for the Company's Scrip Dividend Programme. The Company expects to purchase only B ordinary shares, which will be cancelled. At this time, it is less economic for the Company to purchase A ordinary shares under the share buy-back programme due to Dutch dividend withholding Tax rules.

- Arrow Energy Holdings Pty Ltd (“Arrow”) confirmed that it has made a preliminary, indicative and non-binding proposal to Bow Energy Ltd (“Bow Energy”) to acquire all of the issued capital in Bow Energy by way of scheme of arrangement or other agreed structure. Arrow is a 50-50 joint venture company owned by subsidiaries of Royal Dutch Shell plc and PetroChina.

- The Board of Royal Dutch Shell plc (“RDS”) announced the pounds sterling and euro equivalent dividend payments in respect of the second quarter 2011 interim dividend, which was announced on July 28, 2011 at US$0.42 per A ordinary share (“A Share”) and B ordinary share (“B Share”). Dividends on A Shares will be paid, by default, in euro at the rate of €0.2909 per A Share. Holders of A Shares who have validly submitted pounds sterling currency elections by August 19, 2011 will be entitled to a dividend of 25.77p per A Share. Dividends on B Shares will be paid, by default, in pounds sterling at the rate of 25.77p per B Share. Holders of B Shares who have validly submitted euro currency elections by August 19, 2011 will be entitled to a dividend of €0.2909 per B Share.

- Beginning with its third quarter interim dividend for 2011, Royal Dutch Shell plc (“Shell”) intends to provide shareholders with a choice to receive dividends in cash or in shares via a Scrip Dividend Programme (the “Programme”). Under the Programme shareholders can increase their shareholding in Shell by choosing to receive new shares instead of cash dividends if declared by Shell. Only new A Shares will be issued under the Programme, including to shareholders who currently hold B Shares. Joining the Programme may offer a tax advantage in some countries compared with receiving cash dividends. In particular, dividends paid out as shares will not be subject to Dutch dividend withholding tax (currently 15 per cent) and will not generally be taxed on receipt.

September

• Upstream news:

- As part of the Tullow-operated joint venture, Shell confirms an oil discovery in the Guyane Maritime permit approximately 150-kilometers offshore French Guiana. The GM-ES-1 well is being drilled in a water depth of over 2,000 meters and to date has drilled to a depth of 5,711 meters. The well has encountered over 70-meters of net oil pay in two objectives. The joint venture plans to drill ahead to the planned target depth.

- At an investor day in New York, Shell confirmed solid progress in starting up three world-class oil & gas projects in 2011, which at peak will add some 400,000 barrels oil equivalent (boe) for Shell. Shell’s three-year strategic plan, outlined in 2010, is building the foundations for profitable growth for shareholders in the future. We are improving near-term competitive performance, and delivering a new wave of production growth. Shell’s CEO Peter Voser commented in Canada oil sands, we have progressed with ramping-up of the expansion project at our Scotford Upgrader, and ASOP-1 recently reached its full production level of 100,000 b/d. In Qatar, the Qatargas 4 LNG project reached production plateau earlier this year. Ramp up of Train 1 of the Pearl GTL project continues to make good progress, with Train 2 on track for start-up before year- end, as planned. These three projects, representing some $30 billion of investment, underpin our targets for financial and production growth to 2012. We are on track to deliver our strategic targets for 50-80% growth in cash flow from operations from 2009 to 2012, driven by cost savings, operating performance, and an 11% increase in oil & gas production from one of the most substantial portfolios of new oil & gas projects in our industry today.

- The Canadian and Alberta governments said they have formed a joint review panel to study the environmental impact of a proposal by Royal Dutch Shell to expand its oil sands project. The panel will study Shell's plan to expand its Jackpine mine by 100,000 barrels a day, bringing total output at the site to 300,000 bpd. The three-member joint review panel was appointed by federal Environment Minister Peter Kent and Dan McFadyen, chairman of Alberta's Energy Resources Conservation Board. It will examine the environmental effects of the project, consider ways to lessen any adverse ones and take into account comments from the public and aboriginal people it receives during its assessment. The Jackpine mine, part of the Shell-led Athabasca Oil Sands Project, is located 70 km (44 miles) north of Fort McMurray, Alberta, on the east side of the Athabasca River. The company has also proposed a new mine nearby, called Pierre River, that would produce 200,000 bpd. The current Athabasca project produces 255,000 bpd.

- Australia’s Arrow Energy Holdings Pty Ltd (“Arrow”) has confirmed that it has entered into a Scheme Implementation Agreement (“SIA”) with coal seam gas company Bow Energy Ltd (“Bow”) under which Arrow has agreed to acquire all of the shares in Bow for a cash consideration of A$1.52 per Bow share. The offer values Bow at A$535 million. Bow Board members have unanimously recommended shareholders vote in favour of the offer, in the absence of a superior proposal and subject to an independent expert concluding that the offer is in the best interests of Bow shareholders. The offer allows Bow shareholders to realise the value of their Queensland coal seam gas (CSG) assets, and is subject to customary conditions including regulatory and Court approvals, and Bow shareholder approvals. Arrow is a 50-50 joint venture CSG company owned by subsidiaries of Royal Dutch Shell plc and PetroChina. The acquisition of Bow contributes to Arrow’s opportunity to expand each of the two trains of its proposed LNG project in Queensland from 4.0 mtpa currently planned.

• Downstream news:

- A/S Norske Shell (“Shell”) has entered into a binding agreement to sell its interests in natural gas transport infrastructure joint venture Gassled to Infragas Norge AS for NOK 3,925 million (USD 730 million at current exchange rate). Gassled is Norway’s integrated gas transportation system and processing facilities, which transports most of the gas production on the Norwegian Continental Shelf (NCS) to consumers on the European continent and in the United Kingdom.

- Timespreads on oil product swaps surged as Royal Dutch Shell Plc (RDSa.L) began shutting down its massive Singapore refinery a day after a fire. The front-month timespreads for all oil products, as well as the cash differentials for gas oil and fuel oil, jumped to more than seven-month peaks by the Asian close. The biggest impact was in the gas oil market, where the October/November backwardation surged to the highest for an intermonth spread in almost three years. Shutting down the entire refinery will take two days, Martijn van Koten, vice president for manufacturing operations, said. Shell Singapore's chairman, Lee Tzu Yang, said that the company has not declared force majeure on product shipments. The company may also shut a linked chemical complex. The fire has proved difficult to douse. It may started during maintenance work, though it is too early to say what the exact cause was, the company said. Berthing operations at the refinery have stopped, shipping and trade sources said. The fire had damaged the pump room, which contains pipes used for blending refined fuels, the company said. The impact of Shell's shutdown will be mostly felt in the distillate and gasoline markets as the company's output of the two products are crucial to the region's supply, traders said. The oil major exports 5.5-6.0 million barrels of distillates, mainly gas oil, per month, which accounts for about 85 percent of its monthly refinery production based on a yield of 44 percent, they estimated. Shell also produces at least 4 million barrels of gasoline a month and exports at least 1.3 million barrels, traders said. Gas oil's October/November and November/December spreads rose by more than 50 percent to backwardations of $1.10 and 90 cents a barrel, respectively, levels not seen since 2008. The physical premium for the benchmark 0.5-percent sulphur grade also jumped, with bids seen at 40 cents a barrel during the close, versus 5 cents value a day ago. The oil major also bought a 10-ppm gas oil parcel, at steady premium levels, and was also seen bidding for a 500-ppm parcel, for prompt loading. The fuel oil and naphtha markets also jumped, but traders said it was more due to sentiment than any impact on the fundamental supply-demand situation for both markets. Fuel oil's October/November timespread closed at $8.00-$8.50 a tonne and its cash premiums surged to $7.75 for the 380-cst grade, the highest since February. Naphtha traders also said the impact on their market would be limited, despite sources saying that the fire started at an area where the product was delivered from the production process to storage tanks. Most of the refinery's production, estimated at around 200,000 tonnes, is for their own chemical plants and for the Petrochemical Corporation of Singapore (PCS). Naphtha's October/November backwardation was valued at $6.25, up $1.50 from a day ago, in thin trade.

• Business/Finance news:

- Royal Dutch Shell plc announces that it has issued 22,265,954 A Ordinary shares in relation to the scrip dividend programme for the second quarter 2011 interim dividend. Following this issue and the cancellation of shares previously bought back and announced, the total number of A shares in issuance is 3,641,273,423 and the total number of B shares is 2,676,187,490.

- At 07.00 BST (08.00 CEST and 02.00 EDT) on Thursday 27 October, 2011 Royal Dutch Shell plc will release its third quarter results and third quarter interim dividend announcement for 2011.

October

• Upstream news:

• Downstream news:

- Royal Dutch Shell declared force majeure on its Nigerian Forcados crude oil exports due to a sabotage attack on a major pipeline."The Shell Petroleum Development Company of Nigeria Ltd (SPDC) has declared force majeure on its Forcados export programme for October, November and December 2011 as a result of production shutdown due to a sabotage leak on Trans Forcados Pipeline. "The leak was reported Oct 6, 2011 and a Joint Investigation Team found that it was caused by explosive damage. SPDC is working to repair the pipeline and resume production as quickly as possible." The Anglo-Dutch oil major also lifted its force majeure on Nigerian Bonny Light crude exports, which it declared on Aug. 23.

• Business/Finance news:

- The Board of Royal Dutch Shell plc announced the intended timetable for the 2012 quarterly interim dividends.

- The Board of Royal Dutch Shell plc (“RDS”) announced an interim dividend in respect of the third quarter of 2011 of US$0.42 per A ordinary share (“A Share”) and B ordinary share (“B Share”), equal to the US dollar dividend for the same quarter last year.

- Royal Dutch Shell Plc reported a doubling in profits thanks to higher oil prices, robust demand for gas and stronger refining margins, and said it would continue to sell off non-core assets. Europe's largest oil company by market value said it's current cost of supply (CCS) net income was $7.2 billion, a 100 percent rise on the same period last year when non-cash accounting charges weighed on the result. The underlying result was broadly in line with analysts forecasts.The Hague-based group said its enormous investments in big new projects were paying off saying that while production fell 2 percent to 3.01 million barrels of oil equivalent (boepd), excluding the sale of fields, the underlying trend was upward. Chief Executive Peter Voser also said in a statement that although Shell had already met its target of $5 billion of disposals this year, sales of "non-core" assets would continue. Brent crude jumped 48 percent in the quarter compared to the same period last year, to average $113/barrel in the quarter. The Japan earthquake earlier this year and subsequent shut down of nuclear plants has boosted demand for natural gas, especially liquefied natural gas, in which Shell is a market leader. The company said LNG sales rose 12 percent, echoing buoyant LNG results reported by smaller rival BG Group. Excluding one-offs, the result rose 42 percent to $7.0 billion, compared to an average forecast of $6.61 billion from a Reuters poll of nine analysts.

November

• Upstream news:

- PETRONAS and Shell Malaysia signed a Heads of Agreement (HOA) for two 30-year production sharing contracts (PSCs) for enhanced oil recovery (EOR) projects offshore Sarawak and Sabah. The HOA will see staged work activities and new investments from Shell and its joint venture partner PETRONAS Carigali Sdn Bhd (PCSB), to extend the life and increase the recovery factor of the Baram Delta (BDO) and North Sabah fields. The improvement in the recovery efficiency of the oil fields may result in an additional 90 to 100 kboe/d of oil production and extend the field life to beyond 2040.

- The Iraqi cabinet approved an agreement with Royal Dutch Shell ("Shell") and Mitsubishi Corporation, forming a joint venture to gather raw gas from three major oil fields, adding an important domestic energy source for Iraq and offering the potential for gas exports. The joint venture, held 51% by Iraq’s South Gas Company, 44% by Shell and 5% by Mitsubishi Corporation., will be called Basrah Gas Company (BGC) and will gather raw gas that is currently flared because of a lack of infrastructure to collect it. Shell will provide project management and technical expertise with the intention to facilitate the learning and development of Iraqi staff to progressively assume key positions in the management of the company.

- His Highness Sheikh Hamad bin Khalifa Al-Thani, The Emir of Qatar officially inaugurated the Pearl Gas to Liquids (GTL) Project, the largest GTL plant in the world and the largest energy project in the state of Qatar. Visiting dignitaries including HRH Prince Andrew, The Duke of York, toured the facility and were briefed on the state-of-the-art technologies used to convert natural gas resources from Qatar’s North Field into high quality liquid fuels and products that will be sold at premium all over the world. Pearl GTL has been jointly developed by Qatar Petroleum and Shell creating an additional route for Qatar to generate value from its enormous supply of gas. Using innovative technology and engineering, Pearl GTL turns natural gas into high quality liquid fuels and products, thereby realizing the full upside of accessing the oil markets.

• Downstream news:

- Shell Lubricants (“Shell”) has topped the list of the world’s leading lubricants suppliers for the fifth year running, according to new research into the global lubricants market. The research, conducted by Kline & Company* (“Kline”), gives Shell more than 13% of the market by volume in 2010 and a two per cent lead over its nearest competitor.

- Anglo-Dutch energy major Shell said it was containing a new oil spill in Nigeria's onshore delta, the latest in a string of leaks from the company's pipelines, which it has blamed on sabotage attacks and oil theft. The spill came from part of Shell's Okordia/Rumuekpe oil pipeline in the Niger Delta, where a fire last week forced the company to cut out some production. Oil spills are common in Nigeria and are often caused by oil thieves and saboteurs who tap into the hundreds of kilometres of unguarded pipelines that vein through the vast waterways, creeks and swamplands of the Niger Delta. It did not give a reason for the leak or any details about the impact on output. Environment Rights Action/Friends of the Earth Nigeria said the latest leak was a result of operational failure and poor equipment maintenance by Shell. The oil company is coming under increasing pressure to do more about oil spills in Nigeria after a United Nations Environment Programme (UNEP) report in August was critical of how the company deals with the environmental damage it has caused in Africa's most populous nation. Shell agreed in August that a Nigerian community affected by one spill could claim compensation in a British court, setting a precedent for potential future claims. UNEP said Ogoniland, one region in the Niger Delta, needs the world's largest ever oil clean-up, which would cost an initial $1 billion and could take 30 years. Shell and the Nigerian government both pledged to investigate UNEP's findings but have not yet announced any results.

• Business/Finance news:

- The Board of Royal Dutch Shell plc (“RDS”) announced the Reference Share Price in respect of the third quarter interim dividend of 2011, which was announced on October 27th, 2011 at $0.42 per A ordinary share (“A Share”) and B ordinary share (“B Share”) and $0.84 per American Depository Share (“ADS”).

- The Board of Royal Dutch Shell plc (“RDS”) announced the pounds sterling and euro equivalent dividend payments in respect of the third quarter 2011 interim dividend, which was announced on October 27, 2011 at US$0.42 per A ordinary share (“A Share”) and B ordinary share (“B Share”). Dividends on A Shares will be paid, by default, in euro at the rate of €0.3167 per A Share. Holders of A Shares who have validly submitted pounds sterling currency elections by November 18, 2011 will be entitled to a dividend of 27.11p per A Share. Dividends on B Shares will be paid, by default, in pounds sterling at the rate of 27.11p per B Share. Holders of B Shares who have validly submitted euro currency elections by November 18, 2011 will be entitled to a dividend of €0.3167 per B Share.

December

• Upstream news:

- Royal Dutch Shell said it had completed the sale of two Nigerian onshore oil blocks to local consortia for a total of $488 million. Shell sold its 30 percent stake in Nigerian onshore oil block OML 42 to local consortium Neconde Energy, which includes Nestoil Group, Aries E&P Company Limited, VP Global and Poland's Kulczyk Oil Ventures, for $390 million. The Anglo-Dutch major confirmed the sale of its 30 percent stake in block OML 26 to First Hydrocarbon Nigeria (FHN), which is part-owned by Afren, for $98 million. Afren and FHN announced the sale earlier.

- On November 30, the Shell Petroleum Development Company of Nigeria Limited (SPDC), a subsidiary of Royal Dutch Shell plc (Shell), completed the assignment of its 30% interest in two oil mining leases and related facilities in the Niger Delta. Total cash proceeds for SPDC amount to some US$488 million. These divestments are part of Shell’s strategy of refocusing its onshore interests in Nigeria and in line with the Federal Government of Nigeria’s aim of developing Nigerian companies in the country’s upstream oil and gas business.

- Australia’s Arrow Energy Holdings Pty Ltd today welcomed the outcome of a shareholder meeting of Bow Energy Ltd, at which shareholders voted to approve the acquisition of Bow Energy by Arrow Energy. Over 95 per cent of shares voted in favour of the Scheme of Arrangement, representing over 85 per cent of shareholders by number. It is anticipated the acquisition agreement with Bow Energy will be implemented on 11 January 2012, subject to Australian court approval at a final hearing scheduled for 22 December 2011. Australian and Chinese regulators have already granted all the regulatory approvals required by Arrow Energy to complete the transaction. Bow's coal seam gas assets are strategically located in close proximity to Arrow's own acreages. The acquisition is expected to allow Arrow to expand the two currently planned 4.0 mtpa LNG trains, while leveraging the synergies available through Arrow's pipelines and infrastructure. Arrow is a 50-50 joint venture coal seam gas company owned by subsidiaries of Royal Dutch Shell plc and PetroChina.

- An oil slick roughly 350 square miles in size from a Royal Dutch Shell platform is slowly making its way toward the southern Nigerian coast, threatening wildlife and widespread shore pollution, Nigerian officials said. Royal Dutch Shell confirmed that the deepwater spill occurred during what the company called a “routine transfer” of crude from a floating storage device in the Bonga oil fields 75 miles offshore to a tanker; a leak in one of the transfer lines caused the spill. The company said that at most about 40,000 barrels had been lost, which would be less than one percent of the oil thought to have spurted from the well beneath the Deepwater Horizon during the catastrophic Gulf of Mexico spill in 2010. The company also said that 50 percent of the oil had already evaporated into the air or been dispersed by wave action. But Peter Idabor, the head of Nigeria’s National Oil Spill Detection and Response Agency, said the leakage could be three times as large as Shell contends and may be the country’s worst case of oil pollution in 10 years. The spill also comes just days after Shell received final permission from the Obama administration to start drilling exploratory wells in the highly ecologically sensitive region of the Arctic, a fact not lost on American critics of the drilling. Shell has been blamed for many previous oil spills in the Nigerian Niger Delta, where a majority of the population lives in poverty atop some of the world’s richest reserves of oil and gas. A United Nations environmental assessment report released in August said Shell’s operations were responsible for the contamination of farmlands and rivers in the Ogoni area of the Delta. Environmentalists say many oil spills go unreported, and they have accused the oil companies of deliberately underreporting those that do become public. John Amos, the president of SkyTruth, a nonprofit organization based in West Virginia that provides independent information on environmental catastrophes, said that his group’s analysis of photos and satellite images indicated that Shell’s estimate of the size of the spill off the coast of Nigeria on Tuesday was not far off. SkyTruth estimated the size of the slick at 350 square miles. Nigerian lawmakers said that if the Bonga spill did indeed occur during a routine loading, that would indicate a weakness in operational standards. Shell said that remotely operated underwater vehicles had confirmed that the spill was caused by a leak in a “flexible export line” that linked a tanker to a large floating storage container. David R. Williams, a Shell spokesman, said the company was investigating what caused the leak in the line feeding the tanker, as well as why the leak was not stopped before so much oil had spilled. Shell has closed down the entire Bonga oil field, a site 75 miles off the coast of Nigeria that normally produces roughly 200,000 barrels of oil and gas a day. Tony Okonedo, a Shell spokesman in Nigeria, said satellite pictures had shown that the overall area covered by the sheen was less than a hundredth of a millimeter thick in most areas and that the company was deploying considerable resources to combat it. Among the tools Shell said it was using were five ships with dispersants, infrared equipment to locate areas in the slick where the sheen may be thicker and mapping of sensitive ecological areas on land and sea so booms could be placed strategically.

• Downstream news:

- His Excellency Dr. Mohammed bin Saleh Al-Sada, Minister of Energy and Industry of the State of Qatar, and Peter Voser, Chief Executive Officer of Shell, signed a Heads of Agreement that sets the scope and commercial principles for the development of a world-scale petrochemicals complex in Ras Laffan Industrial City, Qatar. This agreement follows the conclusion of a joint feasibility study conducted by the partners, Qatar Petroleum and Shell. The scope under consideration includes a world-scale steam cracker, with feedstock coming from natural gas projects in Qatar; a mono-ethylene glycol plant of up to 1.5 million tonnes per annum using Shell’s proprietary OMEGA (Only MEG Advantaged) technology; 300 kilotonnes per annum of linear alpha olefins using Shell’s proprietary SHOP (Shell Higher Olefin Process); and another olefin derivative. The complex will produce cost-competitive petrochemicals products to be marketed primarily into Asian growth markets. Qatar Petroleum will have an 80% equity interest in the project and Shell 20%.

• Business/Finance news:

- At 07.00 GMT (08.00 CET and 02.00 EST) on Thursday 2 February, 2012 Royal Dutch Shell plc will release its fourth quarter and full year results and fourth quarter interim dividend announcement for 2011.

- Royal Dutch Shell plc announces that it has issued 27,277,014 A Ordinary shares in relation to the scrip dividend programme for the third quarter 2011 interim dividend.