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Tuesday, January 19, 2021

Shell sells interest in Canadian oil sands for $7.25 billion

LONDON (AP) — Royal Dutch Shell has agreed to sell most of its interests in Canadian oil sands in two deals that will net $7.25 billion for the Anglo-Dutch company as it adjusts to a period of lower energy prices.

Shell says a unit of Canadian Natural Resources Ltd. will buy Shell’s 100 percent stake in the Peace River complex, including undeveloped oil sands leases in Alberta, as well as 50 percent of the Athabasca Oil Sands Project for $8.5 billion. Shell will retain 10 percent of the Athabasca project.

Separately, Shell and Canadian Natural will jointly acquire Marathon Oil Canada Corp., which owns 20 percent of Athabasca, for $1.25 billion.

Shell CEO Ben van Beurden says the deals are “a significant step in re-shaping Shell’s portfolio in line with our long-term strategy.”

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