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Shell exits oilsands, boosts stake in Scotford upgrader and Quest carbon facility

  • Shell Canada Ltd. is exiting the oilsands by swapping its remaining 10 per cent stake in the Albian mines for a 10 per cent interest in the Scotford upgrader and Quest Carbon Capture and Storage facility.
  • The deal will increase Shell's stake in the Scotford upgrader and Quest to 20 per cent, and it will completely exit the Athabasca mining operations.
  • Canadian Natural Resources Ltd. will own the Athabasca mines outright, increasing its production by approximately 31,000 barrels a day.
  • The transaction is subject to regulatory approvals and is expected to close in the first half of 2025.
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The company is trading its last shares for more interest in two CNRL facilities.

·Montreal, Canada
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Jingletree broke the news in on Wednesday, January 29, 2025.
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