Shell Sells Interest in Canadian Oil Sands Producer
Anglo-Dutch major Shell said May 8 it had agreed to sell its approximate 8% interest in Canadian Natural Resources Limited, a major Canadian natural gas and oil sands producer, for $3.3bn to Goldman Sachs & Co, RBC Capital Markets, Scotiabank and TD Securities.
The deal is expected to close May 9, and takes the company to its target of $30bn of disposals, following its purchase of UK BG. It said as it announced its Q1 results at the end of April that it had realised $26bn in disposals so far, with another $6bn or so of sales nearly concluded.
Shell acquired its 97.6mn common shares in Canadian Natural in May 2017 as part of a $12.5bn transaction that saw Canadian Natural acquire Shell's 60% interest in the Athabasca Oil Sands Project north of Fort McMurray, Alberta; the Scotford Upgrader and the Quest Carbon Capture and Storage project, both near Edmonton, its 100% working interest in its Peace River thermal in situ operations, and its 100% working interest in the Cliffdale heavy oil field as well as other oil sands leases.