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Shell invests in water injection at Gulf of Mexico field

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Shell invests in water injection at Gulf of Mexico field
Business

Business

Shell invests in water injection at Gulf of Mexico field

2024-08-14 20:00 Last Updated At:20:15

HOUSTON, Aug. 14, 2024 /PRNewswire/ -- Shell Offshore Inc. (Shell), a subsidiary of Shell plc, has taken a Final Investment Decision (FID) on a 'waterflood' project at its Vito asset in the US Gulf of Mexico. Water will be injected into the reservoir formation to displace additional oil.

The process is due to begin in 2027 and is expected to significantly enhance volume capacity at the Vito field.

"Over time, we've seen the benefits of waterflood as we look to fill our hubs in the Gulf of Mexico," said Zoë Yujnovich, Shell Integrated Gas and Upstream Director. "This investment will deliver additional high-margin, lower-carbon barrels from our advantaged Upstream business while maximizing our potential from Vito."

Waterflood is a method of secondary recovery where the injected water physically sweeps the displaced oil to adjacent production wells, while re-pressurizing the reservoir. The three water injection wells were all drilled as pre-producers.

Shell is the leading deep-water operator in the U.S. Gulf of Mexico, where our production has among the lowest greenhouse gas (GHG) intensity in the world for producing oil.

Notes to editors

Cautionary Note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this media release, "Shell", "Shell Group" and "Group" are sometimes used for convenience where references are made to 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 media release refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as "joint ventures" and "joint operations", respectively. "Joint ventures" and "joint operations" are collectively referred to as "joint arrangements". Entities over which Shell has significant influence but neither control nor joint control are referred to as "associates". 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.

Forward-Looking Statements

This media release contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as "aim", "ambition", ''anticipate'', ''believe'', ''could'', ''estimate'', ''expect'', ''goals'', ''intend'', ''may'', "milestones", ''objectives'', ''outlook'', ''plan'', ''probably'', ''project'', ''risks'', "schedule", ''seek'', ''should'', ''target'', ''will'' and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this media release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as Russia's invasion of Ukraine, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this media release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc's Form 20-F for the year ended December 31, 2022 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this media release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this media release, August 14, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this media release.

Shell's net carbon intensity

Also, in this media release we may refer to Shell's "Net Carbon Intensity", which includes Shell's carbon emissions from the production of our energy products, our suppliers' carbon emissions in supplying energy for that production and our customers' carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term Shell's "Net Carbon Intensity" is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell's net-Zero Emissions Target

Shell's operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and Net Carbon Intensity (NCI) targets over the next ten years. However, Shell's operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCI target, as these targets are currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell's operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

Shell expects to publish its 2024 Energy Transition Strategy on March 14, 2024, which will include an update on Shell's energy transition strategy and set out Shell's climate targets and ambitions for the future.

Forward Looking Non-GAAP measures

This media release may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking Non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those Non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc's consolidated financial statements.

The contents of websites referred to in this media release do not form part of this media release.

We may have used certain terms, such as resources, in this media release that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Shell invests in water injection at Gulf of Mexico field

Shell invests in water injection at Gulf of Mexico field

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THE MARKETING SOCIETY ANNOUNCES NEW LEADERSHIP FOR SINGAPORE HUB

2025-01-21 18:02 Last Updated At:18:25

SINGAPORE, Jan. 21, 2025 /PRNewswire/ -- The Marketing Society proudly announces key leadership updates within its Singapore hub as the organisation continues to strengthen its commitment to empower marketers to thrive and lead, raising marketing's positive impact across the Asia-Pacific region.

Gita De Beer, Global Director of Strategic Initiatives at Heineken, takes on the role of its new Chair in Singapore alongside six new board members. This significant step in the Society's growth in Asia brings together senior leaders from world-class brands, united in their mission to drive marketing excellence across the region. Gita brings over 18 years of experience with iconic brands such as Unilever, Coca-Cola, and Diageo. Having previously served as a board member, she now takes the helm of the Singapore Hub. As the new Chair of The Marketing Society Singapore, Gita is deeply committed to elevating the work of Asian marketers onto the global stage while fostering their personal growth. Her vision is to empower marketers in Singapore and the region to lead with confidence, realise their ambitions and amplify Asia's unique strengths worldwide.

Speaking on her new appointment as Singapore Chair, De Beer said: "At The Marketing Society Singapore, you, our Members, are the reason we exist. We are dedicated to empowering marketers at every stage of their careers to thrive, connect, and lead with confidence. I am incredibly proud to introduce our exceptional new board of senior leaders—trailblazers behind some of the world's most iconic brands. These aren't just industry leaders, they're changemakers whose experience spans building brands from within, navigating growth, and leading through transformation. Together, as a board, we are committed to supporting you in unlocking your full potential as we navigate the exciting challenges and opportunities ahead. Let's connect, grow, and lead together."

In addition to this leadership change, The Marketing Society is delighted to welcome six newly appointed board members:

These leaders bring unparalleled expertise and a shared commitment to innovation, inclusivity, and excellence and they join existing board members; Erica Kerner, MD, Global Head of Brand Partnerships, Sponsorships & Events, Standard Chartered, Lynette Pang, Deputy CEO, National Arts Council, Matthias Blume, VP & General Manager Alcoholic Ready to Drink Beverages ASEAN & South Pacific Coca-Cola, Xiaowei Liu, Director, Special Projects, Asia World Energy Council. Together, they will create new opportunities for marketers to thrive, ensuring that The Marketing Society continues to be a driving force for transformation and growth.

Sophie Devonshire, CEO of The Marketing Society, said, "Gita's dynamic leadership and the expertise of our new board members will help us continue to build our growth and success in Singapore. Their combined experience across global brands and markets is superb in helping support the best, most ambitious marketing leaders across Southeast Asia."

About The Marketing Society
www.marketingsociety.com

The Marketing Society is a leading global community of the world's smartest marketers raising the quality and importance of our profession and our impact on business, the economy and in society.

We strive to inspire, accelerate, and unite the marketing leaders of today and tomorrow to help them do well in their careers and do good in their organisations and society, championing marketing excellence and empowering brave leadership.

We work together to grow marketing's positive impact because we believe that brilliant marketers and brave leaders grow organisations and change the world. We connect the changemakers, those who want to make an impact and make a difference because we know that together, as a community, we achieve more than we do alone.

We were founded in 1959 as a not-for-profit membership organisation. Since then, we have grown to become a highly influential global community of marketing leaders with bases including England, Scotland, Hong Kong, Singapore, United Arab Emirates and New York.

Through the connections of our 2800+ membership community, a world-class programme of events, ground-breaking professional development programmes, prestigious award programmes, publications and insightful content, we help empower our members to lead success in their organisations and add value to customers and society, leading the conversation in businesses and the industry.

 

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

THE MARKETING SOCIETY ANNOUNCES NEW LEADERSHIP FOR SINGAPORE HUB

THE MARKETING SOCIETY ANNOUNCES NEW LEADERSHIP FOR SINGAPORE HUB

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