Royal Dutch Shell will sell some of its oil sands in Canada, as well as will reduce a stake in Atabaska Oil project from 60% to 10%, the company’s press office reports today.
A total of $7.25 billion are expected to be earned as a result of these transactions. Within the framework of the ownership restructuring, the company signed two agreements.
According to the first one, Shell will sell to a subsidiary of Canadian Natural Resources, Canadian Natural, its stake, amounting to 60%, in Atabaska project, Peace River Complex project, and a number of undeveloped plots of land in Canadian Alberta. These transactions are expected to bring $8.5 billion to the company.
Under the second agreement, Canadian Natural and Shell will acquire Marathon Oil Canada Corp., which owns a 20-percent stake in Atabaska project.