Dutch integrated oil and gas company Royal Dutch Shell, through its wholly owned subsidiary Shell Gas, has signed an agreement to divest its complete share in Canadian Natural Resources.
The transaction will involve the sale of 97.5 million shares by Shell Gas for $3.3bn.
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Based in Canada, Canadian Natural Resources is an integrated oil and gas company involved in the acquisition, exploration, development and production of hydrocarbons in western Canada, North Sea UK, and offshore Africa. The company also owns two crude oil pipeline systems.
The transaction is expected to be completed by May this year.
The underwriters to Shell for the transaction are Goldman Sachs & Co, RBC Capital Markets, The Bank of Nova Scotia, and TD Securities.
The divestment is expected to enable Shell to reduce its net debt.
Mitsui & Co (Mitsui), Mitsui O.S.K. Lines (MOL), Marubeni Corporation and Mitsui Engineering & Shipbuilding (MES) have purchased interests in Libra MV31 BV from Modec, a company involved in the supply and operation of offshore floating platforms.
Libra MV31 is developing an FPSO named Guanabara MV31, which will be used for the development of the Mero field located 180km offshore Rio de Janeiro, Brazil.
The Mero field lies in the Libra block in the pre-salt region of the Santos Basin at a water depth of 2,100m.
The Guanabara MV31 FPSO will have a processing capacity of 180,000 barrels of crude oil, 424 million cubic feet per day of gas and a storage capacity of 1.4 million barrels of crude oil. The FPSO is expected to be deployed at the offshore oil field in 2021.
MV31 will be owned jointly by Modec (20.1%), Mitsui (32.4%), Mitsui O.S.K. (20.6%), Marubeni (17.6%) and MES (9.3%), following the transaction.
Mitsui is a general trading company, while MOL is a shipping company. Marubeni Corporation is an integrated trading and investment company, while MES has a shipbuilding business.
All companies involved in the transaction are based in Japan.
The acquisition is expected to strengthen the business operations of Mitsui, MOL, Marubeni and MES.
