Joins other energy players that have reduced their exposure in the oil sands.
Will maintain production in the Montney region, move toward final investment decision on Kitimat LNG decision.
PM tells conference the thoughtful development of renewable and traditional energy sources is the road to economic prosperity.
Properties currently produce the equivalent of 24,850 barrels of oil a day.
Partners blames drop in natural gas prices for the delay, which it says has made the project too expensive for now.
Deal is worth $49 billion.
Current vice-president of unconventionals and North America for Shell has been tapped as the company’s new leader effective Jan. 1.
Says it has a valid lease as it prepares for exploratory oil drilling in Arctic waters.
Protesters on land and in kayaks will try to block Shell’s Polar Pioneer drill ship this weekend in a “Festival of resistance.”
Steam-driven project in Peace River will produce up to 80,000 barrels of oil per day.
Shell will supply Canaport with more than one million tonnes of gas a year over the 10-year agreement.
Deal could be part of a string of recent investments by Chinese oil companies looking to capitalize on Canada’s vast energy resources.