Organizational Changes at Shell

Upstream Companies in Nigeria Shell Production and Development Company Limited (SPDC), Shell Exploration and Production Africa Limited (SEPA) and Shell Nigeria Exploration and Production Company Limited (SNEPCO) (together hereinafter referred to as "Shell") announced the intent to improve efficiency and reduce costs, taking advantage of synergies between companies and eliminating duplication, under a project called 'One Shell'. Under One Shell, there will, for example, be one Production organization, one Development organization, one Projects organization, in addition to the sharing of support services. SEPA, SPDC and SNEPCO will continue to discharge all of their respective corporate and contractual obligations as fully functioning separate legal entities. Management of the business affairs of the companies will remain vested in their respective Boards. Shell remains committed to Nigerianization at all levels. Details of the reorganization are yet to be finalized and will be discussed with partners and all relevant stakeholders, including staff and unions, before final decisions and official announcements are made.