NationalNewsOil & Gas

Shell to Reduce Alberta Presence With $900M Sale of Assets to Crescent Point

Source: Dan Healing, The Canadian Press Staff, calgary.ctvnews.ca, February 18, 2021

Crescent Point said it has already identified more than 200 other potential drilling sites on the 130,000 net hectares of drilling rights it is buying.

Royal Dutch Shell is further reducing its exposure to the Alberta oilpatch with a deal to sell producing light oil shale assets there to Calgary-based Crescent Point Energy Corp. for $900 million.

The purchase announced after markets closed Wednesday allows Crescent Point to add a new core area to its main assets in Saskatchewan and will boost its 2021 production estimate to about 134,000 boe/d, mainly highly profitable crude oil and petroleum liquids, it said.

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