Shell Canada Limited and affiliates (“Shell”) and Canadian Natural Resources Limited (Canadian Natural) had agreed to a provision in the 2017 Athabasca Oil Sands Project (“AOSP”) transaction, where Shell will swap its remaining 10 per cent interest in the Albian mines in exchange for an additional 10 per cent interest in the Scotford upgrader and Quest Carbon Capture and Storage (CCS) facility.Calgary, AB, Canada, January 29, 2025&nbsp;– Shell Canada&nbsp;Limited and affiliates (“Shell”) and Canadian Natural Resources Limited (Canadian Natural)&nbsp;had agreed to a provision in the&nbsp;<a href="https://www.shell.ca/en_ca/media/news-and-media-releases/news-releases-2017/shell-divests-oil-sands-interests-in-canada.html">2017 Athabasca Oil Sands Project (“AOSP”) transaction</a>, where Shell will swap its remaining 10 per cent interest in the Albian mines in exchange for an additional 10 per cent interest in the Scotford upgrader and Quest Carbon Capture and Storage (CCS) facility. Post deal completion, Shell will have a 20 per cent interest in the Scotford upgrader and Quest CCS facility and will fully exit AOSP’s mining operations.Shell will remain as operator of the Scotford upgrader and Quest CCS facility, located next to the 100 per cent Shell owned Scotford refinery and chemicals plants&nbsp;near Edmonton, Alberta.“Today’s announcement allows Shell to focus on the Scotford site and to maximize value in our Upgrader, CCS projects and Refining and Chemicals businesses,” said Machteld de Haan, Executive Vice-President, Chemicals and Products.The transaction is subject to regulatory approvals and is expected to close in Q1&nbsp;2025.

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Shell Canada Limited and affiliates and Canadian Natural Resources Limited had agreed to a provision in the 2017 Athabasca Oil Sands Project transaction, where Shell will swap its remaining 10 per cent interest in the Albian mines in exchange for an additional 10 per cent interest in the Scotford upgrader and Quest Carbon Capture and Storage (CCS) facility.

Shell Increases Interest in Scotford Upgrader and Quest CCS Facility and Fully Exits Oil Sands

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