Shell said today that it would sell its entire stake in Canadian Natural Resources for $3.3 billion.
The Anglo-Dutch major has entered into an underwriting agreement with Goldman Sachs & Co, RBC Capital Markets, Scotiabank and TD Securities, for the sale of 97.5 million shares in Canadian Natural.
Proceeds from the sale will contribute to reducing net debt.
The sale is expected to go through tomorrow.
Shell is closing in on the sale of assets worth $30 billion as part of a divestment programme aimed at balancing the books following its takeover of BG Group.
Reporting its first quarter results at the end of April, Shell said it had completed $26 billion worth of sales.