• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 23 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days Wind droughts
  • 17 hours Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 7 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 32 mins ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 5 days Oil Prices Fall After Fed Raises Rates
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 13 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 4 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 9 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 12 days The Federal Reserve and Money...Aspects which are not widely known
An Oil Supply Shock May Be Imminent

An Oil Supply Shock May Be Imminent

The risk of a supply…

Not Everyone Is Ditching Russian Energy

Not Everyone Is Ditching Russian Energy

China and India remain large…

Permian Oil Production Is Set To Hit A Record High

Permian Oil Production Is Set To Hit A Record High

According to the EIA’s latest…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Shell Sells Almost All Canadian Oil Sands Assets

Shell has struck a deal to sell all its oil sands production assets in Canada, except for a 10-percent stake in the Athabasca Oil Sands Project, as part of its $30-billion divestment program aimed at reducing its debt load that it accumulated with the acquisition of BG Group.

The total net value of the deal is $7.25 billion, and the buyer is Canadian Natural Resources, which will partner with Shell on another deal: the acquisition of Marathon Oil Canada Corporation, which has a 20-percent stake in the AOSP. The stake will be split equally between the partners, each contributing $1.25 billion in cash for the purchase. This will increase Shell’s holding in the project to 20 percent.

In addition, Shell will remain the operator of two non-production projects: the Scotford upgrader, which turns heavy oil sands crude into lighter petroleum, and the Quest carbon capture and storage project in a bid to maximize the returns from its Canadian downstream operations, the company said.

According to Bloomberg, the deal will bring Shell much closer to its $30-billion divestment target, after earlier this week it finally closed the negotiations around the split of its 20-year-old joint venture with Saudi Aramco in the U.S., Motiva. The split will result in a $2.2-billion gain for Shell, paid by Aramco. The Anglo-Dutch giant will also keep control of two refineries in Louisiana, while Aramco will remain the sole operator of the Port Arthur refinery in Texas, the biggest in the country. Related: Trump Needs Higher Oil Prices For His Infrastructure Plan

In addition to slimming down Shell’s debt, the latest deals reflect the company’s adjustment to the new oil price normal, coupled with the intensifying global drive to cut carbon emissions, with the oil industry seen as one of the main culprits behind them.

A recent report ranked Shell among the eight Big Oil companies responsible for as much climate-affecting pollution as the United States, alongside Aramco, Exxon, Gazprom, Iran’s NIOC, and BP.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Randy Verret on March 09 2017 said:
    What study suggests that the largest eight oil companies produced more GHG than the United States? I saw that same quote in another article yesterday. Peer reviewed science or just some environmental activist group floating another bogus "study?"

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News