Royal Dutch Shell Plc is reassuring investors, workers, and anyone else who will listen that it’s the international oil major that’s staying in Canada as others pull up stakes.
Shell stoked some concern that it would be among the pack leaving when it sold most of its stake in the Athabasca Oil Sands Project to Canadian Natural Resources Ltd. for about US$8.2 billion in 2017. The company went a long way toward allaying those fears when LNG Canada announced it would build a massive export facility on British Columbia’s Pacific Coast that’s slated to operate for decades to come.
Shell Canada head Michael Crothers Shell has been in Canada for more than 100 years, evolving from a broad-based, integrated oil company — at one point even mining coal — into an oilsands focused producer and now into a focus on gas, said Crothers, whose full title is president and country chair of Shell Canada.
Shell’s B shares were down 1.3 per cent to 2,295 pence at 4:34 p.m. in London. They are down about 2 per cent for the year.
If the economics get bad enough, Shell will leave. Why wouldn't they?
I think you forgot about this one two years ago.... They are already largely done with Canada. Invest little here compared to years past. Shell, CNRL agree to $7.25 billion sale of Canadian oil sands assets cdnpoli ableg
And as it sells it's contaminated properties off to companies without the means to reclaim them. So yes jkenney, give them millions in tax giveaways and by all means add a royalty holiday!
It's cause they're not investing new capital into it, haven't for yrs. Once their profits shrink or they have to spend money here they will either sell, close down or leave.
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