CALGARY, Sept. 13, 2018 /CNW/ - To support marine conservation efforts, Shell Canada ("Shell") today announced it intends to voluntarily release about 50,000 km2 of exploratory permits off coastal British Columbia, Canada. More than one and a half times the size of Vancouver Island, the acreage is located in the Queen Charlotte and Tofino basins covering vast and environmentally rich areas. Shell's permit area, which has been under Federal moratorium since 1972, overlaps with about one-third of the newly designated Scott Islands National Wildlife Area.
"Releasing these exploration permits can help protect spectacular and environmentally rich areas off Canada's West Coast where we have no plans to explore for oil and gas," said Michael Crothers, Shell Canada President and Country Chair. "We saw an opportunity to support marine protection as part of our ongoing efforts to find pragmatic ways to contribute to conservation in Canada while maintaining our robust global exploration portfolio."
"Effective protection of our coasts, oceans and wildlife requires strong partnerships and collaborative efforts on all sides," said Jonathan Wilkinson, Federal Minister of Fisheries, Oceans and the Canadian Coast Guard. "Our government is pleased to be working with First Nations partners, the Government of British Columbia and Shell to ensure the Scott Islands remain a thriving hub of biodiversity and marine life for generations to come."
"Canadians know that the environment and the economy must go hand in hand," said Amarjeet Sohi, Federal Minister of Natural Resources. "Today's announcement is an example of this and demonstrates how businesses can develop resources in a responsible manner, while also taking important steps to protect the environment, including our coasts, oceans and wildlife."
Drilling activities completed in the Queen Charlotte and Tofino basins by Shell prior to the 1972 Federal moratorium had resulted in many oil and gas shows, indicating the potential for hydrocarbon resources in both basins. Given the ongoing moratorium, Shell plans to formally release the permits and work with the Government of Canada on potential investments to support marine conservation efforts in consultation with Indigenous Peoples and environmental groups. Shell will also seek advice from the Nature Conservancy of Canada to determine how releasing these permits might achieve the most effective conservation outcomes.
Shell's contribution is in line with the Government of Canada's commitment to conserve 10 percent of Canada's coastal and marine areas by 2020, and the aim of government, Indigenous communities and environmental organizations to advance marine conservation.
Shell has a 30-year history of voluntary marine and land conservation in Canada, having contributed nearly 60,000 km2 of offshore rights and more than 125 km2 (12,000 hectares) of conservation land. This includes the 2016 voluntary contribution of exploration rights off the coast of Nunavut to the Nature Conservancy of Canada (NCC) that will become part of the Tallurutiup Imanga National Marine Conservation Area.
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this release "Shell", "Shell group" and "Royal Dutch Shell" are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Royal Dutch Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ''Subsidiaries'', "Shell subsidiaries" and "Shell companies" as used in this release refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as "joint ventures" and "joint operations", respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as "associates". The term "Shell interest" is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
This release contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as "aim", "ambition', ''anticipate'', ''believe'', ''could'', ''estimate'', ''expect'', ''goals'', ''intend'', ''may'', ''objectives'', ''outlook'', ''plan'', ''probably'', ''project'', ''risks'', "schedule", ''seek'', ''should'', ''target'', ''will'' and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Royal Dutch Shell's Form 20-F for the year ended December 31, 2017 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this release, September 13, 2018. Neither Royal Dutch Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this release.
We may have used certain terms, such as resources, in this release that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov
SOURCE Shell Canada Limited
For further information: Media: Shell Canada Media Relations: media-de[email protected]; Investor Relations: North America: +1 832 337 2034