Shell to shuffle Canadian oil-sands business for $7.3B

Royal Dutch Shell agreed to a two-part deal worth $7.3 billion to shuffle its oil sands interests in Canada.

For the first part, Shell will sell its 60 percent interest in the Athabasca oil sands project, 100 percent interest in the Peace River complex in situ assets and a number of undeveloped oil sands leases in Alberta, Canada. The buyer is a subsidiary of Canadian Natural Resources Ltd. which will pay $8.5 billion in cash and shares.

In the latter half of the deal, Shell and Canadian Natural will jointly buy and equally own Marathon Oil Canada Corp. for $1.25 billion each in cash.

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