Chevron has agreed to sell its interest in the Athabasca oil sands project and Duvernay shale in a $6.5 billion deal, it said Monday. The all-cash transaction, which is expected to close in the fourth quarter,

Canadian Natural Resources Ltd.’s $6.5 billion acquisition from Chevron Corp. marks the latest in a string of deals that has helped make it the country’s largest oil producer and brought Alberta’s massive oil sands deposits almost entirely under local control.

Chevron Canada Ltd, a unit of Chevron Corp., said Monday it has agreed to sell a 20% non-operated interest in the Athabasca oil sands Project, a 70% operated interest in the Duvernay shale, and related interests, all located in Alberta, Canada, to Canadian Natural Resources Ltd, in an all-cash deal valued at $6.5 billion.