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Shell completes divestment of oil sands interests in Canada

Shell news
Shell news

Shell has announced the completion of the divestment of its oil sands interests in Canada.

The deal – which had previously been announced – will see the company sell all of its undeveloped oil sands interests in the country, and reduce its share in the Athabasca Oil Sands Project (AOSP) from 60% to 10%.

The transaction involved the sale of its interest in the AOSP project, its 100% interest in the Peace River Complex in-situ assets and a number of undeveloped oil sands leases in Alberta Canada to a subsidiary of Canadian Natural Resources Limited.

Shell received a payment of $5.3 billion in cash, plus shares in Canadian Natural valued at $2.9billion.

In a separate deal, the two companies completed a joint acquisition of Marathon Oil Canada Corporation which holds a 20% interest in AOSP, for $1.25 billion each.

The transactions were estimated to have resulted in a post-tax impairment of $1.3 billion to $1.5 billion of which $1.1 billion was taken in the first quarter of 2017.

Shell’s other operations in Canada will not be affected by the deals.

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