Shell dá boas-vindas à KUFPEC como parceira no Projeto Orca, no Brasil

A Shell Brasil Petróleo Ltda. (Shell Brasil), subsidiária da Shell plc, firmou acordo para vender 20% de participação no Projeto Orca para a Kuwait Foreign Petroleum Exploration Company (KUFPEC). O Orca é um projeto em águas profundas na área do pré-sal da Bacia de Santos. Após a conclusão da transação, a Shell continuará como operadora, mantendo 50% de participação.

O acordo reforça a alocação disciplinada de capital no portfólio global da Shell e mantém a companhia como a maior produtora estrangeira de petróleo e gás no país. A operação também fortalece a parceria estratégica entre Shell e KUFPEC em diversos mercados de Upstream.

“Estamos satisfeitos em receber a KUFPEC como parceira no Orca, um projeto essencial para sustentar a produção de líquidos do nosso portfólio de Upstream”, afirmou Peter Costello, presidente de Upstream da Shell. “Com esse avanço, esperamos ampliar os bons resultados da nossa colaboração com a KUFPEC no Egito. Esse movimento aprofunda ainda mais nosso compromisso de longo prazo e nossa parceria estratégica no Kuwait, em alinhamento com a forte colaboração que mantemos com a Kuwait Petroleum Corporation.”

A transação está sujeita à aprovação regulatória, ao exercício de direitos preferenciais e às condições de fechamento. A conclusão é esperada até o final de 2026.

Notas para editores

• O Projeto Orca é um desenvolvimento unitizado que abrange o Contrato de Concessão BM-S-54 e o Contrato de Partilha de Produção (CPP) de Sul de Orca. Antes da entrada da KUFPEC, os contratos tinham como participantes a Shell (operadora, com 70% de participação), a Ecopetrol (30%) e a Pré-Sal Petróleo S.A. (PPSA), como gestora do CPP. Com a conclusão da transação, a estrutura será: Shell (operadora) com 50%, Ecopetrol com 30% e KUFPEC com 20%.
• Os parceiros do Orca tomaram a decisão final de investimento recentemente (março de 2025): Shell invests in the Gato do Mato project in Brazil’s pre-salt | Shell Global.
• Criada em abril de 1981 pela Kuwait Petroleum Corporation (KPC), sua empresa-mãe, a Kuwait Foreign Petroleum Exploration Company (KUFPEC) atua internacionalmente em exploração, desenvolvimento e produção de petróleo bruto e gás natural fora do Estado do Kuwait.

Contatos

Relações com Mídia – Reino Unido / Internacional: +44 20 7934 5550
Relações com Mídia – Brasil: imprensa@shell.com

English version

Shell welcomes KUFPEC as partner in Orca Project in Brazil

Shell Brasil Petróleo Ltda. (Shell Brasil), a subsidiary of Shell plc, has agreed to sell a 20% working interest in Orca to Kuwait Foreign Petroleum Exploration Company (KUFPEC). Orca is a deep-water project in the pre-salt Santos Basin, offshore Brazil. Following completion, Shell will maintain a 50% working interest and will remain operator.

The transaction supports disciplined capital allocation across Shell’s portfolio while maintaining Shell’s position as the largest foreign producer in Brazil. It also strengthens the strategic partnership between Shell and KUFPEC across several Upstream markets.

“We are pleased to welcome KUFPEC as partner in Orca, a project which contributes to maintaining liquids production from our advantaged Upstream business,” said Peter Costello, Shell’s Upstream President, “Building on this momentum, we look forward to expanding on our successful project with KUFPEC in Egypt. This further deepens our long-term commitment and strategic partnership in Kuwait through our strong collaboration with Kuwait Petroleum Corporation.”

This deal is subject to regulatory clearance, preferential rights election and closing conditions. It is expected to complete by the end of 2026.

Notes to editors

• The Orca project is a unitized development encompassing the BM-S-54 Concession Contract and the Sul de Orca Production Sharing Contract (PSC). Prior to KUFPEC joining the project, the licenses included Shell (operator with a 70% WI) and Ecopetrol (30% WI) and Pré-Sal Petróleo S.A. (PPSA) acting as the manager of the PSC. Upon completion of the transaction, Shell (operator) will hold 50% WI, Ecopetrol 30% WI and KUFPEC 20% WI.
• The Orca partners recently took a final investment decision (March 2025): Shell invests in the Gato do Mato project in Brazil’s pre-salt | Shell Global
• Established in April 1981 by its parent company Kuwait Petroleum Corporation (KPC), Kuwait Foreign Petroleum Exploration Company (KUFPEC) is an international upstream company, engaged in exploration, development and production of crude oil and natural gas outside the State of Kuwait.

Enquiries
UK / International Media Relations: +44 20 7934 5550

Brasil Media Relations: imprensa@shell.com

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 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 media release refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “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.

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’’; “aspire”, “aspiration”, ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” 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, including climate change; (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 tariffs and 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, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) 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, 2024 (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, February 3, 2026. 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” (NCI), 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’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI 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 and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks 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.

Forward-Looking non-GAAP measures

This media release may contain certain forward-looking non-GAAP measures such as [adjusted earnings] 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.