Shell, ARC Resources and Canada
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The transaction would boost Shell’s oil and gas production capabilities
Shell is set to expand its reach in Western Canada with a deal to buy Arc Resources, a move expected to boost production at a time when Canada is looking to grow energy exports.
Shell has struck a £12bn deal for Canadian gas giant ARC, in what will be its biggest acquisition since the takeover of BG Group more than a decade ago.
Shell is looking to enhance its integrated gas portfolio and expand its presence in Canada with long-term Montney resources.
Shell is doubling down on North American gas in a major bet on long-term LNG demand, agreeing to buy Canada’s ARC Resources in a $16.4-billion deal
Shell Plc Chief Executive Officer Wael Sawan said oil and liquefied natural gas shortages caused by the Strait of Hormuz blockade could continue for months and potentially into next year.
Shell bolstered efforts to revive its core oil and gas enterprise with a major acquisition of Canada's ARC Resources.