Shell to sell Alberta oil sands project

Royal Dutch Shell Plc has put its Orion steam-driven oil sands project on the block, six years after acquiring the asset in a $2.4 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 $15.6 million in the first quarter, according to the Scotia Waterous website.