Shell is almost out of the oilsands. The energy giant has announced its $8.2 billion deals with Canadian Natural Resources Limited have gone through.
That means all of its in situ and undeveloped oilsands interests have been sold off, and its share in the Athabasca Oil Sands Project has dropped from 60 to 10 per cent. All of its Peace River holdings were included, along with Carmon Creek, and 110 employees have been brought over to CNRL.
“I am immensely proud of everything we have achieved together and of the legacy we leave to Canadian Natural,” says Shell Canada President and Country Chair Michael Crothers. “Shell has operated in Canada for 107 years and we plan to continue our presence as one of Canada’s largest integrated energy companies with more than 4,000 people.”
As of June 1st, Canadian Natural Resources will operate the Athabasca upstream mining assets, and jointly own Marathon Oil Canada Corporation with Shell. Shell still has other operations in Canada, including land in the Duvernay and Montney formations.