Shell divests from shale oil assets in Alberta (Canada)

23 Feb 2021

Shell has signed agreement with Crescent Point to sell its Duvernay shale light oil position in Alberta (Canada) for a total consideration of US$707m, including US$550m in cash and 50m shares in Crescent Point Energy (valued at US$157m). The transaction includes the transfer of approximately 450,000 net acres (182,000 hectares) in the Fox Creek (Kaybob) and Rocky Mountain House (Willesden Green) areas, along with related infrastructure, currently producing around 30 kboe/d from more than 270 wells. The transaction, which is subject to regulatory approvals, should close in April 2021.

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