The swap sees each company now controlling an unbroken chunk of land, rather than isolated pieces.
June 10, 2013
by The Canadian Press
CALGARY – Teck Resources Ltd. and Shell Canada are swapping oilsands leases, ending a dispute over the boundaries of their respective projects.
Teck says it will transfer to Shell a piece of land that is sandwiched between two leases the Canadian arm of the Anglo-Dutch energy giant already controls.
In exchange, Shell is giving eight of its leases, along with part of another, to Vancouver-based Teck, which has land just to the west.
Teck had filed a statement of objection to Alberta’s energy watchdog regarding Shell’s Pierre River mine, and Shell had voiced concern over Teck’s Frontier project.
The swap, which sees each company now controlling an unbroken chunk of land, rather than isolated pieces, is expected to benefit the economic recovery of oilsands for both projects.
©The Canadian Press