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 per cent stake in the Peace River complex, including undeveloped oil sands leases in Alberta, as well as 50 per cent of the Athabasca Oil Sands Project for $8.5 billion. Shell will retain 10 per cent of the Athabasca project.
Separately, Shell and Canadian Natural will jointly acquire Marathon Oil Canada Corp., which owns 20 per cent 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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