Published May 28, 2012 Dow Jones Newswires
CALGARY – Royal Dutch Shell (RDSA) has put its Orion oil-sands project near Cold Lake, Alberta, up for sale.
Orion is an underground steam-injection project that produces 5,000 barrels a day of oil and generated operating income of C$15.6 million (US$15.2 million) during the first quarter, according to the investment bank Scotia Waterous, which is organizing the sale.
Scotia didn’t say what the estimated value of the Orion project was, and representatives of Scotia and Shell weren’t immediately available to comment.
Orion was one of several projects Shell acquired in 2006 as part of a C$2.4 billion acquisition of BlackRock Ventures Inc. Shell said Orion could be expanded with further investment to more than 30,000 barrels a day of production.
Shell is a major energy producer in Canada, and a majority owner of the Athabasca oil-sands project in Alberta, which produces 155,000 barrels of oil a day.
Copyright © 2012 Dow Jones Newswires
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