Canadian Natural Resources Says Transacting An Asset Swap With Shell Related To Athabasca Oil Sands Project

Effectively, Canadian Natural will swap 10% of its working interest in the Scotford Upgrader and Quest Carbon Capture and Storage facilities for Shell's remaining 10% working interest in the AOSP mines, associated reserves and additional various working interests in a number of other non-producing oil sands leases. 

As a result, and at close of the transaction, Canadian Natural will increase its working interest in the AOSP mines to 100%, subsequently increasing the Company's production by approximately 31,000 bbl/d and will own an 80% working interest in the Scotford Upgrader and Quest. 

The transaction does not include any exchange of cash, except for regular closing adjustments and is targeted to close by the end of Q1/25, subject to regulatory approvals.