SLB to sell interest in Alberta’s Palliser block

Canada

HOUSTON, October 18, 2024 – US energy technology company SLB has entered into a definitive agreement to sell its interest in the Palliser block, the company announced on Thursday.

Located in Alberta, Canada, the Palliser block consists of oil and gas wells, surface facilities, a pipeline network and certain oil and gas development rights.

SLB had acquired the block in 2017 together with E&P company Torxen Energy for approximately USD 1 billion, aiming to carry out a multi-year drilling programme of more than 1,600 wells. At the time, the Palliser block was producing around 54,000 boepd.

The transaction is subject to regulatory approval and customary closing conditions and is expected to close at the end of Q4 2024. SLB did not name the buyer or provide details about the financial terms of the deal.

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