Canadian Natural Resources buying Chevron’s Alberta assets [Video]

Canadian Natural Resources Ltd. has signed a deal to buy Chevron Canada Ltd.’s interests in the Athabasca Oil Sands Project and Duvernay shale for US$6.5 billion.

The all-cash deal will see Calgary-headquartered CNRL — one of the largest independent oil and gas producers in the world — acquire Chevron’s 20 per cent interest in the Athabasca Oil Sands Project.

This includes a 20 per cent stake in the Muskeg River and Jackpine mines in northern Alberta, as well as a 20 per cent stake in the Scotford Upgrader northeast of Edmonton and the Quest carbon capture and storage facility, also north of Edmonton.

As a result of the deal, CNRL consolidates its control of the Athabasca Oil Sands project, increasing its working interest from 70 per cent to 90 per cent. Shell Canada owns the remaining 10 per cent.

The transaction adds approximately 62,500 barrels of synthetic crude oil per …