The transaction includes the transfer of approximately 450 000 net acres in the Fox Creek (Kaybob) and Rocky Mountain House (Willesden Green) areas, along with related infrastructure, currently producing around 30 000 boe/d from more than 270 wells.
OGUK Sustainability Director, Mike Tholen, has said that it is "an exciting time" for the UK's oil and gas industry.
Shell has set out its strategy to accelerate its transformation into a provider of net-zero emissions energy products and services.
The transaction is one of the largest oil and gas financings in Africa in more than a decade, with a financing component of US$1.1 billion.
Equinor and YPF will hold 35% equity in the CAN 100 block, located in the North Argentinian Basin, while Shell will hold the remaining 30%.
Shell has said that the marine 3D seismic survey, planned over the Resolution and Endeavour gas discoveries, is now anticipated to be acquired in February 2022 rather than 1Q21.
The agreement is for the North Ras Kanayis Offshore block located in the Herodotus Basin, offshore Egypt in the Mediterranean Sea.
SBM Offshore and Shell have agreed an extension of the end of the contractual lease and operate period from December 2023 to December 2028.
Shell has said it will write down the value of oil and gas assets by US$3.5 billion to US$4.5 billion.