Reuters: Mergers News: Shell puts Alberta oil sands project on the block

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Shell puts Alberta oil sands project on the block May 28th 2012, 17:31 CALGARY, Alberta | Mon May 28, 2012 1:31pm EDT CALGARY, Alberta May 28 (Reuters) - Royal Dutch Shell Plc has put its Orion steam-driven oil sands project on the block, six years after acquiring the asset in a C$2.4 billion ($2.3 billion) acquisition of Blackrock Ventures near the height of the last Canadian energy boom. The project, located northwest of Cold Lake, Alberta, produces 5,000 barrels a day from 22 well pairs, though it has regulatory approval for two phases of 20,000 bpd, according to Scotia Waterous, which is conducting the sales process for Shell. The project had operating income of C$15.6 million in the first quarter, according to the Scotia Waterous website. In 2010, Shell took a $1 billion writedown on the Blackrock acquisition.

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