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Shell to divest Kaybob assets to Canada's Crescent Point for C$900 million

·1-min read
FILE PHOTO: A Royal Dutch Shell sign at a petrol station in Sint-Pieters-Leeuw, Belgium

(Reuters) - Royal Dutch Shell said on Wednesday it would sell its Kaybob Duvernay assets in Alberta to Canada's Crescent Point Energy Corp for C$900 million ($709 million), the latest divestiture in the North American country by the European oil major.

Top oil and gas producers across the globe have outlined plans to transition their businesses away from fossil fuel reliance as they face growing investor pressure to battle climate change.

For Crescent, the assets add production of about 30,000 barrels of oil equivalent per day in what it considers a 'low-risk' play with key infrastructure and market access all in place already, Chief Executive Officer Craig Bryksa said in a statement.

Crescent expects the deal to boost this year's cash generation and to add to its all per share financial metrics.

It will pay Shell C$700 million in cash and 50 million Crescent shares to acquire the assets.

($1 = 1.2698 Canadian dollars)

(Reporting by Rithika Krishna in Bengaluru; Editing by Bernard Orr and Maju Samuel)