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Shell Canada Ltd. is divesting its remaining stake in the oilsands, swapping its final 10 per cent interest in the Albian mines for a larger share in Alberta’s Scotford upgrader and Quest Carbon Capture and Storage (CCS) facility. The deal with Canadian Natural Resources Ltd. will increase Shell’s stake in both assets to 20 per cent.
Shell operates the Scotford upgrader and Quest CCS facility, which are located near its refinery and chemicals plants in Edmonton. The swap is part of a provision in Shell’s 2017 agreement involving the Athabasca Oil Sands Project.
The transaction remains subject to regulatory approval and is expected to close in the first half of the year.
Shell’s Canadian operations now focus on liquefied natural gas, upstream production, and retail, including a 40 per cent interest in LNG Canada, assets in northeast British Columbia and northwest Alberta, and a network of 1,400 Shell-branded retail locations across the country.