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Shell Sells Foothills Sour Gas Assets to Pieridae Energy Limited

Source: www.gulfoilandgas.com 6/26/2019, Location: North America

Shell confirms it has sold its Foothills sour gas assets to Pieridae Energy Limited, an experienced Canadian operator.

The assets include three distinct sour gas plants (Waterton, Jumping Pound and Caroline) and the gas fields which feed them. Combined, they produce approximately 29,000 barrels per day of natural gas, natural gas liquids and condensate. Shell will retain 60% ownership of the Shantz Sulphur Forming facility, and will maintain its sulphur, natural gas liquids and condensate sales and marketing business. The buyer will retain all site-based Shell employees and some Calgary-based Shell employees who predominantly support the Foothills assets.

“I’m proud of the sour gas businesses we have built in Alberta and I want to thank all of the employees, contractors and local communities that have helped make these assets a cornerstone of our business in Canada for nearly 70 years,” said Michael Crothers, Shell Canada President and Country Chair. “We are pleased they are going to a buyer with a strong focus on safety, community and environmental stewardship, and one that is well placed to take these assets to the next stage of their development.”

Shell continues to have a number of attractive opportunities in its Canadian portfolio and has increasingly prioritized investment in its growing integrated gas and shales businesses. The recent decision to invest in the multi-billion-dollar LNG Canada project (Shell share 40%) is part of this strategy. Shell also maintains significant downstream operations in Canada through refining and chemicals, and a growing retail business with more than 1,400 Shell-branded sites across the country.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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