18th Feb 2021 05:58
(Alliance News) - Royal Dutch Shell PLC late Wednesday said it has sealed a deal to sell the Duvernay shale light oil assets in Canada to Crescent Point Energy Corp.
Toronto-listed Crescent will pay USD707 million for the assets, USD550 million in cash and USD157 million worth of shares in the company.
"Divesting these assets underpins Shell's effort to focus the Upstream portfolio to deliver cash," said Shell Upstream Director Wael Sawan.
"While we believe these assets hold value, the divestment allows us to focus on our core Upstream positions like the Permian Basin, with integrated value chains, thereby building a resilient, lower-risk and less complex portfolio."
The assets include 450,000 net acres in the Fox Creek and Rocky Mountain areas which are currently producing 30,000 barrels of oil equivalent per day.
By Eric Cunha; [email protected]
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