Overview

• Shell Canada has sold its remaining 10% stake in the Albian oil sands mine to Canadian Natural Resources Ltd. (CNRL).
• In exchange, Shell has acquired an additional 10% interest in the Scotford upgrader and Quest Carbon Capture and Storage (CCS) facility near Edmonton, boosting its stake to 20%.
• The transaction aligns with Shell's strategy to reduce greenhouse gas emissions and focus on carbon capture technology as part of its net-zero emissions goal by 2050.
• CNRL will now own 100% of the Albian oil sands mine and 80% of the Scotford upgrader and Quest CCS facility, increasing its oil production capacity.
• The deal, stemming from a provision in a 2017 agreement, is subject to regulatory approval and is expected to close in the first half of 2025.