Canadian Natural Resources has reached an agreement to acquire Chevron’s 20% non-operated interest in the Athabasca Oil Sands Project (AOSP) and its 70% operated stake in the Duvernay shale in Alberta (Canada), in a US$6.5bn deal.
The acquisition of AOSP, which includes 20% of the Muskeg River and Jackpine mines, the Scotford Upgrader and the Quest Carbon Capture and Storage (CCS) facility, should increase CNRL total interest in the project up to 90% (with Shell owning the remaining 10%) and adds about 62.5 kb/d of Synthetic Crude Oil production. The Duvernay shale assets are expected to produce an average of 60 kboe/d in 2025 (5 mcm/d of natural gas and 30 kb/d of liquids).
The effective date for these acquisitions is the 1 September 2024 in an all-cash transaction that is still subject to regulatory approval and other customary conditions of the relevant Canadian authorities. Closing is expected during the fourth quarter of 2024.