Shell’s six exploration licenses cover 19,845 sq km about 300 km offshore in 500-3,500 m of water.
Under the agreement, Shell will remain operator and have 50% interest. ConocoPhillips is to acquire 30% and Suncor 20%.
Shell acquired four licenses in 2012 and two in 2013 for $998 million (Can.). The licenses are good for 6 years.
Shell said it conducted a 3D seismic survey in 2013 covering 10,850 sq km. Pending regulatory approval, Shell anticipates that drilling will begin in second-half 2015.