London — Royal Dutch Shell will sell almost all its production assets in Canada’s oil sands in a deal that cuts debt and reduces involvement in one of the most environmentally damaging forms of fossil fuel extraction. All the company’s oil sands interests, apart from a 10% stake in the Athabasca mining project, would be sold to Canadian Natural Resources, Shell said on Thursday. The company will continue to operate the Scotford upgrader, which converts heavy oil to lighter liquids for easier transport, and the Quest carbon capture and storage project. The Anglo-Dutch producer is almost two-thirds of the way through a $30bn divestment programme to slash debt, which soared following its biggest-ever acquisition of BG Group in 2016. The company this week ended an almost two-decade-old US refining partnership with Saudi Arabian Oil and in January sold oil fields in the UK North Sea. "This announcement is a significant step in reshaping Shell’s portfolio," CEO Ben van Beurden said. "The ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.