Shell sells Alberta Deep Basin and Northeast B.C. Montney assets to Tourmaline Oil for US$1 billion
On 20 October 2016, Tourmaline Oil Corp. agreed to purchase assets from Shell in the Alberta Deep Basin and the Gundy area of the Montney for a cash consideration of US$756 million and US$279 million of Tourmaline shares. The assets produced an average of 24,850 boe/d (liquids and dry gas) at the time of announcement and are a strong strategic fit with Tourmaline's existing portfolio. The deal will cement Tourmaline as one of the largest gas producers in the Western Canadian Sedimentary Basin with projected production surpassing 300,000 boe/d by 2018. Shell announced its intention to divest US$30 billion of assets (upstream and non-upstream) between 2016 and 2018, following its acquisition of BG. This deal takes Shell's total to-date to US$4.5 billion. Shell remains committed to actively work to develop its mature core asset base in both the Montney and Duvernay.