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Shell is set to expand its reach in Western Canada with a deal to buy Arc Resources, a move expected to boost production at a time when Canada is looking to grow energy exports.

Shell Plc Chief Executive Officer Wael Sawan said oil and liquefied natural gas shortages caused by the Strait of Hormuz blockade could continue for months and potentially into next year.

Fire burning at Shell Norco, emergency crews on-site.

A large late-night fire ripped through a process unit at the Shell Norco manufacturing complex in Norco, St. Charles Parish, on Monday, throwing an orange glow across Airline Highway and drawing an all-night emergency response.

The shortages of crude oil and liquefied natural gas caused by the shutdown of the Strait of Hormuz likely will drag on for months and possibly into next year, Shell (SHEL) CEO Wael Sawan said Tuesday.

Shell has agreed to buy Canadian shale company ARC Resources for $13.6 billion, in a move to boost its production capabilities at a time when prices have jumped. The oil giant announced on Monday that it had entered into an agreement to acquire the Calgary-headquartered group, which will add 370,000 oil-equivalent barrels per day.

Shell CEO Wael Sawan joins 'Money Movers' to discuss the company's latest acquisition of ARC Resources, economic themes, and more.