As announced in March 2017, Shell has completed the sale of its oil sands interest in Canada, including all its in-situ and undeveloped oil sands interests in the country and a 50% stake in the the Athabasca Oil Sands Project (AOSP), reducing its interest from a 60% direct stake to a 10% indirect stake.
Shell has sold to Canadian Natural its entire 60% direct interest in the Athabasca Oil Sands Project (AOSP), its 100% interest in the Peace River Complex in-situ assets, including Carmon Creek, and a number of undeveloped oil sands leases in Alberta, for approximately US$8.2bn (C$10.9bn). Canadian Natural is one of Canada’s largest energy companies and a leader in the oil sands.
Meanwhile, Shell and Canadian Natural have completed the joint acquisition of Marathon Oil Canada Corporation (MOCC), which holds a 20% interest in AOSP, from an affiliate of Marathon Oil Corporation for US$1.25bn each. Shell will then retain a 10% indirect interest in the AOSP. The AOSP includes the Albian Sands mining and extraction operations (Muskeg River and Jackpine mines) north of Fort McMurray, Alberta, and the Scotford upgrader and Quest carbon capture and storage (CCS) project northeast of Edmonton, Alberta. Shell will remain as operator of AOSP’s Scotford upgrader and Quest CCS project.