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

Jan 31, 2025

Share
Share
Tweet

Shell Canada Ltd. is exiting the oilsands in a deal with Canadian Natural Resources Ltd. in an agreement that will see it increase its stake in the Scotford upgrader and Quest Carbon Capture and Storage facility. A Shell logo is seen at a gas station in London, on March 8, 2022. THE CANADIAN PRESS/AP/Frank Augstein

CALGARY — Shell Canada Ltd. is exiting the oilsands in a deal with Canadian Natural Resources Ltd. in an agreement that will see it increase its stake in the Scotford upgrader and Quest Carbon Capture and Storage facility.

Shell is swapping its remaining 10 per cent stake in the Albian mines in exchange for a 10 per cent interest in the Scotford upgrader and Quest CCS facility.

The deal will boost Shell’s interest in the upgrader and carbon capture facility to 20 per cent.

Shell is the operator of the Scotford upgrader and Quest CCS facility, located next to the Shell-owned Scotford refinery and chemicals plants near Edmonton.

The swap stems from a provision in a 2017 deal involving the Athabasca Oil Sands Project. The transaction is subject to regulatory approvals and is expected to close in the first half of this year.

Shell’s Canadian assets include a 40 per cent stake in LNG Canada, upstream operations in northeast B.C. and northwest Alberta as well as 1,400 Shell-branded sites across the country.

This report by The Canadian Press was first published Jan. 30, 2025.

Companies in this story: (TSX:CNQ)

The Canadian Press

  • 0086 Sask Gov Oil and Gas Incentive Programs
    0086 Sask Gov Oil and Gas Incentive Programs
  • 0085 Turnbull snow removal call office
    0085 Turnbull snow removal call office
  • 0084 EMP Metals Pipeline Online
    0084 EMP Metals Pipeline Online
  • 0077 Caprice Resources Stand Up For Free Speech
    0077 Caprice Resources Stand Up For Free Speech
  • 0076 Latus only
    0076 Latus only
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0011
  • 0006 JK Junior
  • 0002 gilliss casing services
    0002 gilliss casing services
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 9001