OIL SANDS: Canadian Natural completes acquisition of Athabasca Oil Sands project

ALBERTA – Canadian Natural Resources Ltd. of Calgary has closed the $12-billion deal to boost its oil sands interests by purchasing assets of Marathon Oil and Shell Canada. CNRL now holds 70% of the Athabasca oil sands project north of Fort McMurray, 70% of the Scotford upgrader near Edmonton, and the Quest carbon capture and storage project. Additional working interests in other producing and non-producing oil sands leases were including. [caption id="attachment_1003718600" align="alignleft" width="300"] CNRL has bought out Marathon Oil’s and most of Shell Canada’s interests in the Athabasca oil sands project. Credit: Shell Canada.[/caption] CNRL issued 97.5 million shares to Shell, a combined pre-adjustment payment of $8.24 billion to Shell and Marathon Oil Corp., and a US$375 million payment to Marathon Oil deferred until Q1 2018. The AOSP assets are now owned by CNRL (70%), Chevron Canada (20%) and Shell Canada (10%). CNRL welcomed approximately 2,800 new, high caliber employees from Shell and Marathon Oil, and will take over as AOSP operator in June 1, 2017. Information about the Athabasca oil sands project will undoubtedly be posted soon at www.CNRL.com.