SD 1 shel-20251231.htm SD
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM SD
Specialized Disclosure Report
Shell plc
(Exact name of registrant as specified in its charter)
England and Wales
(State or other jurisdiction of
incorporation or organization)
1-32575
(Commission
File Number)
Shell Centre, London, SE1 7NA, United Kingdom
(Address of principal executive offices) (Zip Code)
N/A
(I.R.S. Employer Identification Number)
Sean Ashley, Company Secretary
Tel No: 0044-20-7934-1234
(Name and telephone number, including area code, of the person to contact in connection with this report.)
Check the appropriate box to indicate the rule pursuant to which this form is being filed:
☐ Rule 13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from January 1 to
December 31, 2025.
☒ Rule 13q-1 under the Securities Exchange Act (17 CFR 240.13q-1) for the fiscal year ended December 31, 2025.
Section 2 – Resource Extraction Issuer Disclosure
Item 2.01 Resource Extraction Issuer Disclosure and Report
Shell plc (the registrant) is relying on the alternative reporting provision of Item 2.01(c).
The attached Report on Payments to Governments provides a consolidated overview of the payments to
governments made by Shell plc and its subsidiary undertakings. The report was prepared in
accordance with the UK’s Reports on Payments to Governments Regulations 2014 (as amended in
December 2015).
The Report on Payments to Governments for the year 2025 was submitted to the Financial
Conduct Authority National Storage Mechanism and is available for inspection at https://
data.fca.org.uk/#/ nsm/nationalstoragemechanism. It is also available on the Shell website at https://
www.shell.com/ sustainability/our-approach/tax-transparency/payments-to-governments.html.
The payment disclosure required by Form SD is included as Exhibit 2.01 to this Form SD.
Section 3 – Exhibits Item
3.01. Exhibits
The following exhibit is submitted as part of this report.
Exhibit 2.01 – Shell plc Report on Payments to Governments for the year 2025.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the duly authorized undersigned.
Shell plc
(Registrant)
/s/ Sinead Gorman
Name: Sinead Gorman
Title:Chief Financial Officer
July 07, 2026
(Date)

5 | Shell 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.

6 | Shell Report on Payments to Governments for the year 2025

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.

7 | Shell Report on Payments to Governments for the year 2025

Report on Payments to Governments [1]

Summary Report (in USD)
Countries: | Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Europe |  |  |  |  |  |  |
Albania | – | – | – | – | 228,097 | – | 228,097
Bulgaria | – | – | – | 658,383 | 145,695 | – | 804,078
Germany | – | 77,755,904 | – | – | – | – | 77,755,904
Italy | – | 3,351,499 | 74,686,060 | – | 66,336,536 | – | 144,374,094
Norway | 2,120,072,656 | 1,649,751,614 | – | – | – | – | 3,769,824,270
United Kingdom | – | 110,374,110 | – | – | 11,857,193 | – | 122,231,303
Asia |  |  |  |  |  |  |
Brunei | 3,313,159 | 40,519,441 | 7,202,519 | – | – | – | 51,035,119
China | – | 18,523,634 | – | – | – | – | 18,523,634
India | – | -14,562,223 | – | – | – | – | -14,562,223
Kazakhstan | – | 256,637,895 | – | – | – | – | 256,637,895
Malaysia | 1,691,805,666 | 285,593,040 | 405,405,924 | – | – | – | 2,382,804,630
Middle East |  |  |  |  |  |  |
Oman | 576,872,405 | 3,412,390,365 |  |  | 900,000 |  | 3,990,162,769
Qatar | 1,479,379,939 | 1,401,933,995 | – | – | 31,476,961 | – | 2,912,790,895
Oceania |  |  |  |  |  |  |
Australia | – | 1,445,905,137 | 358,637,902 | – | 13,413,472 | 461,434 | 1,818,417,944
Africa |  |  |  |  |  |  |
Egypt | – | 155,405,582 | – | 6,042,288 | – | – | 161,447,870
Nigeria | 1,237,467,592 | 236,994,532 | 454,028,549 | – | 87,895,758 | – | 2,016,386,431
Sao Tome and Principe | – | – | – | – | 200,000 | – | 200,000
Tanzania | – | – | – | – | 142,811 | – | 142,811
Tunisia | – | 3,083,119 | 1,785,824 | – | – | – | 4,868,943
North America |  |  |  |  |  |  |
Canada | – | 109,370,682 | 4,882,029 | – | 1,542,623 | – | 115,795,334
Mexico | – | – | – | – | -137,827 | – | -137,827
United States of America | – | -23,901,400 | 1,120,356,065 | – | 20,817,759 | 860,822 | 1,118,133,246
South America |  |  |  |  |  |  |
Argentina | 34,615,936 | 1,880,988 | 136,470,329 | – | 335,780 | – | 173,303,033
Brazil | 459,707,687 | 865,744,450 | 1,203,877,226 | 338,891,043 | 1,385,827,494 | – | 4,254,047,901
Colombia | – | – | – | – | 488,120 | – | 488,120
Trinidad and Tobago | 433,047,898 | 784,943 | 631,618 | 15,000,000 | 11,750,134 | – | 461,214,593
Grand Total | 8,036,282,937 | 10,037,537,308 | 3,767,964,045 | 360,591,715 | 1,633,220,604 | 1,322,256 | 23,836,918,866

[1]The figures in this Report are rounded.

8 | Shell Report on Payments to Governments for the year 2025

Albania
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
DEGA E THESARIT BERAT | – | – | – | – | 228,097 | – | 228,097
Total | – | – | – | – | 228,097 | – | 228,097

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
ALBANIA OPERATED | – | – | – | – | 228,097 | – | 228,097
Total | – | – | – | – | 228,097 | – | 228,097

[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.

9 | Shell Report on Payments to Governments for the year 2025

Bulgaria
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
MINISTRY OF ENERGY BULGARIA | – | – | – | 658,383 | 145,695 | – | 804,078
Total | – | – | – | 658,383 | 145,695 | – | 804,078

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
KHAN TERVEL | – | – | – | 658,383 | 145,695 | – | 804,078
Total | – | – | – | 658,383 | 145,695 | – | 804,078

[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.

10 | Shell Report on Payments to Governments for the year 2025

Germany
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
FEDERAL CENTRAL TAX OFFICE | – | 73,722,167 | – | – | – | – | 73,722,167
MUNICIPALITY OF COLOGNE | – | -564,461 | – | – | – | – | -564,461
MUNICIPALITY OF WESSELING | – | -836,944 | – | – | – | – | -836,944
TAX AUTHORITY HAMBURG | – | 5,435,141 | – | – | – | – | 5,435,141
Total | – | 77,755,904 | – | – | – | – | 77,755,904

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Entity level payments |  |  |  |  |  |  |
DEUTSCHE SHELL HOLDING GmbH | – | 77,755,904 | – | – | – | – | 77,755,904
Total | – | 77,755,904 | – | – | – | – | 77,755,904

[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.

11 | Shell Report on Payments to Governments for the year 2025

Italy
Government Reports (in USD) [1]

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

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
UPSTREAM ASSETS | – | 3,351,499 | 74,686,060 | – | 66,336,536 | – | 144,374,094
Total | – | 3,351,499 | 74,686,060 | – | 66,336,536 | – | 144,374,094

[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.

12 | Shell Report on Payments to Governments for the year 2025

Norway
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
EQUINOR ASA | 869,052,105 [A] | – | – | – | – | – | 869,052,105
PETORO AS | 1,251,020,551 [B] | – | – | – | – | – | 1,251,020,551
SKATTEETATEN | – | 1,649,751,614 | – | – | – | – | 1,649,751,614
Total | 2,120,072,656 | 1,649,751,614 | – | – | – | – | 3,769,824,270

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
ORMEN LANGE | 2,120,072,656 [C] | – | – | – | – | – | 2,120,072,656
Entity level payments |  |  |  |  |  |  |
A/S NORSKE SHELL | – | 1,649,751,614 | – | – | – | – | 1,649,751,614
Total | 2,120,072,656 | 1,649,751,614 | – | – | – | – | 3,769,824,270

[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.
[A]Includes payment in kind of $869,052,105 for 12,508 KBOE valuated at market price.
[B]Includes payment in kind of $1,251,020,551 for 18,006 KBOE valuated at market price.
[C]Includes payment in kind of $2,120,072,656 for 30,514 KBOE valuated at market price.

13 | Shell Report on Payments to Governments for the year 2025

United Kingdom
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
HM REVENUE AND CUSTOMS | – | 110,374,110 | – | – | – | – | 110,374,110
NORTH SEA TRANSITION AUTHORITY | – | – | – | – | 11,650,563 | – | 11,650,563
THE CROWN ESTATE SCOTLAND | – | – | – | – | 206,630 | – | 206,630
Total | – | 110,374,110 | – | – | 11,857,193 | – | 122,231,303

Project Reports (in USD)

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

[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.

14 | Shell Report on Payments to Governments for the year 2025

Brunei
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
MINISTRY OF FINANCE AND ECONOMY | – | 40,519,441 | – | – | – | – | 40,519,441
PETROLEUM AUTHORITY OF BRUNEI DARUSSALAM | 3,313,159 | – | 7,202,519 | – | – | – | 10,515,678
Total | 3,313,159 | 40,519,441 | 7,202,519 | – | – | – | 51,035,119

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Entity level payments |  |  |  |  |  |  |
SHELL DEEPWATER BORNEO B.V. | – | 35,956,751 | – | – | – | – | 35,956,751
SHELL EXPLORATION AND PRODUCTION BRUNEI B.V. | 3,313,159 | 4,562,690 | 7,202,519 | – | – | – | 15,078,368
Total | 3,313,159 | 40,519,441 | 7,202,519 | – | – | – | 51,035,119

[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.

15 | Shell Report on Payments to Governments for the year 2025

China
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
TIANJIN MUNICIPAL TAXATION BUREAU | – | 10,780,173 | – | – | – | – | 10,780,173
YULIN MUNICIPAL TAXATION BUREAU | – | 7,743,461 | – | – | – | – | 7,743,461
Total | – | 18,523,634 | – | – | – | – | 18,523,634

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Entity level payments |  |  |  |  |  |  |
SHELL CHINA EXPLORATION & PRODUCTION COMPANY LTD | – | 18,523,634 | – | – | – | – | 18,523,634
Total | – | 18,523,634 | – | – | – | – | 18,523,634

[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.

16 | Shell Report on Payments to Governments for the year 2025

India
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
INCOME TAX DEPARTMENT | – | -14,562,223 | – | – | – | – | -14,562,223
Total | – | -14,562,223 | – | – | – | – | -14,562,223

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Entity level payments |  |  |  |  |  |  |
BG EXPLORATION AND PRODUCTION INDIA LIMITED | – | -14,562,223 | – | – | – | – | -14,562,223
Total | – | -14,562,223 | – | – | – | – | -14,562,223

[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.

17 | Shell Report on Payments to Governments for the year 2025

Kazakhstan
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
TAX COMITEE IN ATYRAU | – | 44,351,823 | – | – | – | – | 44,351,823
WEST KAZAKHSTAN TAX COMMITTEE | – | 212,286,072 | – | – | – | – | 212,286,072
Total | – | 256,637,895 | – | – | – | – | 256,637,895

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
KARACHAGANAK | – | 212,286,072 | – | – | – | – | 212,286,072
NORTH CASPIAN SEA | – | 44,351,823 | – | – | – | – | 44,351,823
Total | – | 256,637,895 | – | – | – | – | 256,637,895

[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.

18 | Shell Report on Payments to Governments for the year 2025

Malaysia
Government Reports (in USD) [1]

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

Project Reports (in USD)

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

[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.
[A]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.
[B]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.
[C]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.
[D]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.
[E]Includes payment in kind of $1,089,763,624 for 14,572 KBOE valuated at market price.
[F]Includes payment in kind of $259,666,784 for 3,467 KBOE valuated at market price.
[G]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.
[H]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.

19 | Shell Report on Payments to Governments for the year 2025

Oman
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
MINISTRY OF ENERGY AND MINERALS | 576,872,405 [A] | – | – | – | – | – | 576,872,405
MINISTRY OF FINANCE | – | 3,391,341,601 | – | – | 900,000 | – | 3,392,241,601
THE SECRETARIAT GENERAL FOR TAXATION MINISTRY OF FINANCE | – | 21,048,764 | – | – | – | – | 21,048,764
Total | 576,872,405 | 3,412,390,365 | – | – | 900,000 | – | 3,990,162,769

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
BLOCK 6 CONCESSION | – | 3,391,341,601 | – | – | – | – | 3,391,341,601
BLOCK 10 CONCESSION | 576,872,405 [A] | 21,048,764 | – | – | 400,000 | – | 598,321,168
BLOCK 11 CONCESSION | – | – | – | – | 500,000 | – | 500,000
Total | 576,872,405 | 3,412,390,365 | – | – | 900,000 | – | 3,990,162,769

[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.
[A]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.

20 | Shell Report on Payments to Governments for the year 2025

Qatar
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
QATARENERGY | 1,479,379,939 | 1,401,933,995 | – | – | 31,476,961 | – | 2,912,790,895
Total | 1,479,379,939 | 1,401,933,995 | – | – | 31,476,961 | – | 2,912,790,895

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
PEARL GTL | 1,479,379,939 | 1,401,933,995 | – | – | 31,476,961 | – | 2,912,790,895
Total | 1,479,379,939 | 1,401,933,995 | – | – | 31,476,961 | – | 2,912,790,895

[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.

21 | Shell Report on Payments to Governments for the year 2025

Australia
Government Reports (in USD) [1]

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

Project Reports (in USD)

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

[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.

22 | Shell Report on Payments to Governments for the year 2025

Egypt
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
EGYPTIAN GENERAL PETROLEUM CORPORATION | – | 155,405,582 | – | 6,042,288 | – | – | 161,447,870
Total | – | 155,405,582 | – | 6,042,288 | – | – | 161,447,870

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
EGYPT OFFSHORE DEVELOPMENT | – | 155,405,582 | – | – | – | – | 155,405,582
EGYPT OFFSHORE EXPLORATION | – | – | – | 5,000,000 | – | – | 5,000,000
Entity level payments |  |  |  |  |  |  |
SHELL EGYPT N.V. | – | – | – | 1,042,288 | – | – | 1,042,288
Total | – | 155,405,582 | – | 6,042,288 | – | – | 161,447,870

[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.

23 | Shell Report on Payments to Governments for the year 2025

Nigeria
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
FEDERAL INLAND REVENUE SERVICE | – | 236,994,532 [A] | – | – | – | – | 236,994,532
NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE | – | – | – | – | 2,397,000 | – | 2,397,000
NIGER DELTA DEVELOPMENT COMMISSION | – | – | – | – | 85,498,758 | – | 85,498,758
NIGERIAN NATIONAL PETROLEUM CORPORATION | 1,237,467,592 [B] | – | – | – | – | – | 1,237,467,592
NIGERIAN UPSTREAM PETROLEUM REGULATORY COMMISSION | – | – | 454,028,549 [C] | – | – | – | 454,028,549
Total | 1,237,467,592 | 236,994,532 | 454,028,549 | – | 87,895,758 | – | 2,016,386,431

Project Reports (in USD)

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

[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.
[A]Includes payment in kind of $217,538,780 for 3,121 KBOE valued at market price.
[B]Includes payment in kind of $1,237,467,592 for 22,346 KBOE valued at market price.
[C]Includes payment in kind of $387,429,297 for 5,442 KBOE valuated at market price.
[D]Includes payment in kind of $238,832,621 for 8,726 KBOE valuated at market price.
[E]Includes payment in kind of $93,824,926 for 1,330 KBOE valuated at market price.
[F]Includes payment in kind of $689,820,582 for 9,634 KBOE valuated at market price.
[G]Includes payment in kind of $123,713,854 for 1,791 KBOE valuated at market price.
[H]Includes payment in kind of $387,429,297 for 5,442 KBOE valuated at market price.
[I]Includes payment in kind of $308,814,389 for 3,986 KBOE valuated at market price.

24 | Shell Report on Payments to Governments for the year 2025

Sao Tome and Principe
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
AGÊNCIA NACIONAL DO PETRÓLEO DE SÃO TOMÉ E PRÍNCIPE | – | – | – | – | 200,000 | – | 200,000
Total | – | – | – | – | 200,000 | – | 200,000

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
DEEPWATER BLOCK 4 | – | – | – | – | 200,000 | – | 200,000
Total | – | – | – | – | 200,000 | – | 200,000

[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.

25 | Shell Report on Payments to Governments for the year 2025

Tanzania
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
PETROLEUM UPSTREAM REGULATORY AUTHORITY | – | – | – | – | 142,811 | – | 142,811
Total | – | – | – | – | 142,811 | – | 142,811

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
BLOCK 1 AND 4 | – | – | – | – | 142,811 | – | 142,811
Total | – | – | – | – | 142,811 | – | 142,811

[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.

26 | Shell Report on Payments to Governments for the year 2025

Tunisia
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
ENTREPRISE TUNISIENNE D'ACTIVITÉS PÉTROLIÈRES | – | – | 534,110 [A] | – | – | – | 534,110
LE RECEVEUR DES FINANCES DU LAC | – | 3,083,119 | 1,251,714 | – | – | – | 4,334,833
Total | – | 3,083,119 | 1,785,824 | – | – | – | 4,868,943

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
HASDRUBAL CONCESSION | – | 3,083,119 | 1,785,824 [A] | – | – | – | 4,868,943
Total | – | 3,083,119 | 1,785,824 | – | – | – | 4,868,943

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

27 | Shell Report on Payments to Governments for the year 2025

Canada
Government Reports (in USD) [1]

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

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
ATHABASCA OIL SANDS | – | 109,370,682 | – | – | – | – | 109,370,682
GREATER DEEP BASIN | – | – | 173,471 | – | 227,225 | – | 400,697
GROUNDBIRCH | – | – | 4,708,558 | – | 1,315,397 | – | 6,023,955
Total | – | 109,370,682 | 4,882,029 | – | 1,542,623 | – | 115,795,334

[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.

28 | Shell Report on Payments to Governments for the year 2025

Mexico
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
SERVICIO DE ADMINISTRACIÓN TRIBUTARIA | – | – | – | – | -137,827 | – | -137,827
Total | – | – | – | – | -137,827 | – | -137,827

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
MEXICO EXPLORATION DEEPWATER | – | – | – | – | -137,827 | – | -137,827
Total | – | – | – | – | -137,827 | – | -137,827

[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.

29 | Shell Report on Payments to Governments for the year 2025

United States of America
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
COMPTROLLER OF PUBLIC ACCOUNTS | – | 233,960 | – | – | – | – | 233,960
INTERNAL REVENUE SERVICE | – | -25,200,518 | – | – | – | – | -25,200,518
LOUISIANA DEPARTMENT OF TRANSPORTATION AND DEVELOPMENT | – | – | – | – | – | 860,822 | 860,822
OFFICE OF NATURAL RESOURCES REVENUE | – | – | 1,120,356,065 | – | 20,817,759 | – | 1,141,173,823
STATE OF LOUISIANA | – | 1,065,158 | – | – | – | – | 1,065,158
Total | – | -23,901,400 | 1,120,356,065 | – | 20,817,759 | 860,822 | 1,118,133,246

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
GULF OF AMERICA (CENTRAL) | – | – | 1,045,021,964 | – | 4,293,859 | – | 1,049,315,823
GULF OF AMERICA (WEST) | – | – | 75,334,101 | – | – | – | 75,334,101
GULF OF AMERICA EXPLORATION | – | – | – | – | 16,339,580 | – | 16,339,580
Entity level payments |  |  |  |  |  |  |
SHELL EXPLORATION AND PRODUCTION COMPANY | – | 249,354 | – | – | – | – | 249,354
SHELL FRONTIER OIL AND GAS INC. | – | 306,710 | – | – | – | – | 306,710
SHELL OFFSHORE INC. | – | 509,094 | – | – | 184,320 | 860,822 | 1,554,236
SHELL PETROLEUM INC. | – | -25,200,518 | – | – | – | – | -25,200,518
SHELL USA INC. | – | 233,960 | – | – | – | – | 233,960
Total | – | -23,901,400 | 1,120,356,065 | – | 20,817,759 | 860,822 | 1,118,133,246

[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.

30 | Shell Report on Payments to Governments for the year 2025

Argentina
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
AGENCIA DE RECAUDACIÓN Y CONTROL ADUANERO | – | 1,880,988 | – | – | – | – | 1,880,988
GAS Y PETRÓLEO DEL NEUQUÉN S.A. | 34,615,936 [A] | – | – | – | – | – | 34,615,936
PROVINCIA DE SALTA | – | – | 2,568,298 | – | – | – | 2,568,298
PROVINCIA DEL NEUQUÉN | – | – | 133,902,031 | – | 335,780 | – | 134,237,811
Total | 34,615,936 | 1,880,988 | 136,470,329 | – | 335,780 | – | 173,303,033

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
ACAMBUCO | – | – | 2,568,298 | – | – | – | 2,568,298
ARGENTINA UNCONVENTIONAL PROJECTS | 34,615,936 [A] | – | 133,902,031 | – | 335,780 | – | 168,853,747
Entity level payments |  |  |  |  |  |  |
SHELL ARGENTINA S.A. | – | 1,880,988 | – | – | – | – | 1,880,988
Total | 34,615,936 | 1,880,988 | 136,470,329 | – | 335,780 | – | 173,303,033

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

31 | Shell Report on Payments to Governments for the year 2025

Brazil
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
AGÊNCIA NACIONAL DO PETRÓLEO GÁS NATURAL E BIOCOMBUSTÍVEIS | – | – | – | 3,968,640 | – | – | 3,968,640
MINISTÉRIO DA FAZENDA | – | – | 1,203,877,226 | – | 1,385,827,494 | – | 2,589,704,720
PRÉ-SAL PETRÓLEO S.A. | 459,707,687 [A] | – | – | 334,922,404 | – | – | 794,630,091
RECEITA FEDERAL DO BRASIL | – | 865,744,450 | – | – | – | – | 865,744,450
Total | 459,707,687 | 865,744,450 | 1,203,877,226 | 338,891,043 | 1,385,827,494 | – | 4,254,047,901

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
BASIN EXPLORATION PROJECTS | – | – | – | 3,968,640 | 2,493,180 | – | 6,461,820
BC-10 | – | – | 30,470,273 | – | 1,049,230 | – | 31,519,503
BIJUPIRA AND SALEMA | – | – | – | – | 420,504 | – | 420,504
BM-S-9, BM-S-9A, BM-S-11,BM-S-11A, ENTORNO DE SAPINHOA AND ATAPU | 21,415,909 [B] | – | 777,863,823 | 49,144,667 | 1,381,864,580 | – | 2,230,288,979
JUBARTE PRE-SAL | – | – | 473,023 | – | – | – | 473,023
LIBRA PSC AND MERO | 438,291,778 [C] | – | 395,070,107 | 285,777,737 | – | – | 1,119,139,622
Entity level payments |  |  |  |  |  |  |
SHELL BRASIL PETROLEO LTDA. | – | 865,744,450 |  | – | – | – | 865,744,450
Total | 459,707,687 | 865,744,450 | 1,203,877,226 | 338,891,043 | 1,385,827,494 | – | 4,254,047,901

[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.
[A]Includes payment in kind of $459,707,687 for 7,627 KBOE valuated at market price.
[B]Includes payment in kind of $21,415,909 for 357 KBOE valuated at market price.
[C]Includes payment in kind of $438,291,778 for 7,270 KBOE valuated at market price.

32 | Shell Report on Payments to Governments for the year 2025

Colombia
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
AGENCIA NACIONAL DE HIDROCARBUROS | – | – | – | – | 488,120 | – | 488,120
Total | – | – | – | – | 488,120 | – | 488,120

Project Reports (in USD)

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Projects |  |  |  |  |  |  |
COLOMBIA EXPLORATION OPERATED | – | – | – | – | 488,120 | – | 488,120
Total | – | – | – | – | 488,120 | – | 488,120

[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.

33 | Shell Report on Payments to Governments for the year 2025

Trinidad and Tobago
Government Reports (in USD) [1]

| Production Entitlements | Taxes | Royalties | Bonuses | Fees | Infrastructure Improvements | Total
Governments |  |  |  |  |  |  |
MINISTRY OF ENERGY AND ENERGY INDUSTRIES | 370,527,278 | – | 631,618 | 15,000,000 | 11,750,134 | – | 397,909,029
MINISTRY OF FINANCE | – | 784,943 | – | – | – | – | 784,943
NGC EXPLORATION AND PRODUCTION INVESTMENTS LIMITED | 62,520,620 | – | – | – | – | – | 62,520,620
Total | 433,047,898 | 784,943 | 631,618 | 15,000,000 | 11,750,134 | – | 461,214,593

Project Reports (in USD)

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

[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.

34 | Shell Report on Payments to Governments for the year 2025

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.