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Exploration and Production 2002 profit $153mn

SHELL NEW ZEALAND

Media Statement
For Immediate Release
26 June 2003

Shell New Zealand Exploration and Production 2002 profit $153 million

Shell's Exploration and Production (EP) business contributed a profit of $153 million.

The profit was generated on revenues of $1,018 million.

Shell Chairman and Managing Director EP, Dr. Lloyd Taylor, says “The record EP result was buoyed by a high average realised oil and condensate price of $55.11 per barrel during 2002, and represented the first full-year contribution of the assets acquired with Fletcher Challenge Energy in 2001.

The total capital investment in the EP business in 2002 was $88.4 million, including a $44.3 million investment in Pohokura gas field appraisal and development studies. Exploration expenditure in 2002 was $7.9 million, all of which was expensed. In addition, $14 million was written off on the withdrawal from the Maari Joint Venture.

Asset sales of $323 million were made in 2002. The assets sales were associated primarily with the undertakings given to the Commerce Commission at the time of purchase of Fletcher Challenge Energy.

“The underlying EP operating performance was the strongest on record. However, foreign exchange losses on retained US dollar cash and balances adversely affected the New Zealand dollar financial result (defined under New Zealand GAAP),” said
Dr. Taylor.

“Looking to the future, the key challenge for the EP business is to offset the longer term production decline of the Maui field by the early development and commissioning of the Pohokura gas field, supplemented by an exploration effort directed at large oil and gas prospects in the offshore Taranaki region.

“In addition to the considerable capital invested to date, a further $450 million of Shell investment is likely to be required to achieve Pohokura gas field commissioning in the first half of 2006,” said Dr. Taylor.

ENDS

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