Canadian Natural Resources Limited completes acquisition of working interest in the Athabasca Oil Sands Project

  • Date Announced: March 09, 2017
  • Date Closed: May 31, 2017
  • Deal Value: CAD
  • Client Name: Canadian Natural Resources Limited

On May 31, 2017, Canadian Natural Resources Limited (CNRL) completed the acquisition in aggregate of 70 percent of the Athabasca Oil Sands Project (AOSP), including 70 percent of the Scotford upgrader and the Quest Carbon Capture and Storage project, as well as additional working interests in other producing and non-producing oil sands leases. On completion of the acquisition, the respective ownership interests in the AOSP assets are 70 percent CNRL, 20 percent Chevron Canada Limited and 10 percent Shell Canada Limited (Shell). The aggregate consideration for the acquisition comprised 97,560,975 common shares of CNRL issued to Shell, a combined pre-adjustment cash payment of US$8.24 billion to Shell and Marathon Oil Corporation (Marathon) and a deferred payment of US$375 million to Marathon.

Bennett Jones LLP was counsel to CNRL, with a team lead by Pat Maguire and including Donald Greenfield, Jana Prete, Kieran Ryan, Megan Bertram, Helen Cox, Brad Eidsness, Phil Backman (Banking), Jeremy Russell, Brent Kraus (Securities), Tessa Guenther, Beth Riley (Competition), Darcy Moch (Tax), Stephen Burns (Intellectual Property), Shawn Munro (Regulatory), James Salsman, John Batzel (Employment) and Susan Seller (Pensions & Benefits).