CALGARY – Teck Resources Ltd. (TSX:TCK.B) and Shell Canada are swapping oilsands leases, ending a dispute over the boundaries of their respective projects.
Teck says it will transfer to Shell a piece of land that is sandwiched between two leases the Canadian arm of the Anglo-Dutch energy giant already controls.
In exchange, Shell is giving eight of its leases, along with part of another, to Vancouver-based Teck, which has land just to the west.
Teck had filed a statement of objection to Alberta’s energy watchdog regarding Shell’s Pierre River mine, and Shell had voiced concern over Teck’s Frontier project.
The swap – which sees each company now controlling an unbroken chunk of land, rather than isolated pieces – is expected to benefit the economic recovery of oilsands for both projects.