Deals
Shell Cuts Debt With $7.25 Billion Sale of Canada Oil Sands
- Company to sell all in-situ and undeveloped oil-sands projects
- Shell achieves two thirds of $30 billion divestment program
Royal Dutch Shell oil sand mine near Fort McMurray, Alberta, Canada.
Photographer: Brent Lewin/Bloomberg/BloombergThis article is for subscribers only.
Royal Dutch Shell Plc will sell almost all of its production assets in Canada’s oil sands in a $7.25 billion deal that cuts debt and reduces involvement in one of the most environmentally damaging forms of fossil-fuel extraction.
All of the company’s oil-sands interests apart from a 10 percent stake in the Athabasca mining project will be sold to Canadian Natural Resources Ltd., Shell said Thursday. The Hague-based company will continue as operator of the Scotford upgrader, which converts heavy oil to lighter liquids for easier transport, and the Quest carbon capture and storage project.