Shell Signs Production Sharing Contract for Atapu Field in Brazil

RIO DE JANEIRO,April 28,2022 -- Today,Shell Brasil Petróleo Ltda.(Shell Brasil),a subsidiary of Shell plc,signed the Production Sharing Contract (PSC) to formally acquire a 25 percent stake of the Atapu field. Shell paid $ 1.1 billion to Petrobras for the increased stake in the field. With the contract now signed,Shell will start receiving its additional share of oil from the field.

"This transaction is the latest proof point of our commitment to further strengthening our advantaged deep-water positions in Brazil," said Zoe Yujnovich,Shell Upstream Director. "With a leading global deep-water portfolio,this stake in the Atapu field directly supports our Powering Progress strategy to deliver the stable,secure energy resources the world needs today while investing in the energy of the future."

Shell's Powering Progress strategy includes increasing investment in lower carbon energy solutions,while continuing to pursue the most resilient,competitive,and highest return Upstream investments to sustain material cash delivery into the 2030s,to support our dividend and fund Shell's transformation. Our global deep-water portfolio represents two core positions in our Upstream business with prolific basins in the US and Brazil,along with an exciting frontier exploration portfolio in Mexico,Suriname,Argentina,and West Africa.

Notes to editors

Shell Brasil Petroleo is a subsidiary of Shell plc.

In December 2021 in the Transfer of Rights auction,Shell along with partners Petrobras (52.5%,operator) and TotalEnergies (22.5%) acquired the rights to volumes from the Atapu field.

Atapu is a pre-salt oil field in the Santos Basin located in waters depths of about 2,000 meters. Production started in 2020 through the P-70 Floating,Production,Storage and Offloading unit (FPSO) which has the capacity to produce 150,000 barrels of oil equivalent (boe) per day.

For more details on Shell's Powering Progress strategy,please visit www.shell.com/poweringprogress.

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