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EXCERPT:
British oil major Shell on Monday said it agreed a deal to buy Canadian energy company ARC Resources in a deal valued at $16.4 billion.
The transaction will add roughly 370,000 barrels of oil equivalent per day to Shell’s portfolio and is designed to boost the London-listed firm’s long-term oil and gas production.
Shell CEO Wael Sawan described ARC Resources, which is focused on the Montney shale basin in British Columbia and Alberta, Canada, as “a high-quality, low-cost and top quartile low carbon intensity producer” that will strengthen the firm’s resource base for decades.
“We are accessing uniquely positioned assets and welcoming colleagues that bring deep expertise which, combined with Shell’s strong basin level performance, provides a compelling proposition for shareholders,” Sawan said in a statement.