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Shell sale oil sands asests for net consideration of $7.25 bln


Petroleumworld.com 03 10 2017

Royal dutch shell: divests oil sands for net consideration of $7.25 billion

* Shell will remain as operator of AOSP's scotford upgrader and quest carbon capture and storage (ccs) project

* Combination of these transactions will result in a net consideration of $7.25 billion to shell

* to sell to canadian natural resources unit 60 percent interest in AOSP, 100 percent interest in peace river complex in-situ assets

* will sell all of its in-situ, undeveloped oil sands interests in canada, reduce share in Athabasca Oil Sands Project from 60 percent to 10 percent

* will sell to a subsidiary of Canadian Natural Resources Limited its entire 60 percent interest in AOSP

* Will sell to unit of canadian natural resources its 100 percent interest in peace river complex in-situ assets, some undeveloped oil sands leases in alberta

* consideration to Shell from canadian natural is approximately $8.5 billion (c$11.1 billion)

* Co, Canadian Natural will jointly acquire, own equally Marathon Oil Canada corp from affiliate of Marathon Oil corporation for $1.25 billion each Source.

Story from Reuters.

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