Chevron Closes $6.5B Sale of Canadian Oil Sands
Transaction Type
Sellers
Basin
Duvernay Shale
Announce Date
Post Date
Close Date
Estimated Price
6500BB
Description
Canadian Natural Resources Ltd. has completed the acquisition of Canadian oil sands assets from Chevron.
The deal, first announced in October, raises $6.5 billion in cash for Chevron and brings the company closer to its divestiture target to sell up to $15 billion in assets by 2028.
Canadian Natural Resources’ acquisition of Chevron Canada Ltd. includes a 20% interest in the Athabasca Oil Sands Project and a 70% operated interest in Duvernay Shale assets, as well as working interests in various non-producing oil sands leases.
Canadian Natural Resources now owns 90% of the Athabasca project, which includes the Muskeg River and Jackpine mines, the Scotford Upgrader and the Quest Carbon Capture and Storage facility.