The agreement reached between the three companies involves Shell farming down non-operated equity in its Shelburne exploration licenses offshore Nova Scotia, Canada. Shell will maintain a 50% interest and remain operator. ConocoPhillips will acquire a 30% non-operating interest, and Suncor will acquire a 20% non-operating interest.
Shell’s six exploration licenses (ELs 2423, 2424, 2425, 2426, 2429, and 2430) cover a contiguous area of 19,845 sq km (7,662 sq mi) about 300 km (186 mi) offshore of Nova Scotia. They are in water depths of 500 m (1,640 ft) to 3,500 m (11,480 ft).