Shell Canada Ltd. is exiting the oilsands sector by exchanging its 10% stake in the Albian mines for an equivalent interest in the Scotford upgrader and Quest Carbon Capture and Storage (CCS) facility. This transaction will increase Shell's ownership in the carbon capture facility to 20%. This move aligns with a broader strategy to focus on lower-carbon technologies and sustainability. The swap is linked to a previous agreement from 2017 and is awaiting regulatory approval, aiming for completion in the upcoming months.
Shell Canada Ltd. is exiting the oilsands, swapping its 10% stake in the Albian mines for a 10% interest in Scotford upgrader and Quest CCS.
The agreement will increase Shell's interest in the Scotford upgrader and carbon capture facility to 20%, enhancing its commitment to lower-carbon technologies.
The deal is part of a 2017 agreement concerning the Athabasca Oil Sands Project and will be subject to regulatory approvals before finalization.
Shell's Canadian holdings also involve a significant stake in LNG Canada and numerous Shell-branded sites across the country.
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