"The ARC deal adds to Shell a 'high-quality, low-cost, and top-quartile low carbon intensity producer operating in the Montney shale basin that complements our existing footprint in Canada and strengthens our resource base for decades to come.'"
"'This establishes Canada as a heartland for Shell while furthering our strategy to deliver more value with less emissions,' Sawan added."
Shell is reversing its previous exit from Canadian oil sands by acquiring ARC Resources for nearly $14 billion, focusing on the cleaner Montney region. This acquisition aligns with the trend of major oil companies increasing oil and gas production while deprioritizing renewable energy strategies. The Montney region is gaining attention due to growing natural gas demand. The deal, which includes debt, is expected to solidify Shell's presence in Canada and enhance its resource base for the future, as stated by CEO Wael Sawan.
Read at Fortune
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