Shell PLC has agreed to buy Canadian oil and gas producer Arc Resources Ltd. for $22 billion. The deal, still subject to regulatory approvals, offers shareholders 0.40 shares in Shell and $8.20 in cash for every ARC share, which the company says amounts to about a 27 per cent premium. ARC is an oil and natural gas producer focused on the Montney region in Alberta and northeast British Columbia. The Canadian company said the deal gives it access to Shell’s scale, infrastructure and global footprint, while ARC’s high quality, low-cost resources were attractive as Shell looks to boost its oil and gas resources. “Through this transaction, we will realize this tremendous value and become part of a dynamic global energy leader capable of realizing the full potential of our business and delivering on Canada’s exciting energy future,” ARC chief executive Terry Anderson said in a news release. While Canadian airlines cancel flights, profit margins for oilpatch refiners take offOttawa approves Enbridge's $4 billion expansion of the B.C. pipeline network Shell chief executive Wael Sawan said ARC complements the company’s existing footprint in Canada and strengthens its resource base for decades to come. The deal is unanimously supported by the boards of both companies, but is subject to regulatory approvals, including under the Investment Canada Act. The transaction is expected to close in the second half of this year. ARC shares were unchanged Monday in premarket trading, while stock in Shell had fallen 0.2 per cent. With files from The Canadian Press • Email: bcousins@postmedia.com