Suncor doubles down with Canadian Oil Sands takeover
The company’s $4.5bn deal for Canadian Oil Sands makes it the undisputed champion of the oil sands. It’s a big bet on a recovery in prices
Capitulation and retreat: they aren’t kind words but they describe the situation facing Canadian oil sands producers in the face of sub-$30 oil prices. Now the strongest of the plays’ producers has pounced on a rival – and taken a big gamble that oil prices will eventually justify the move. On 18 January, Canadian Oil Sands, the largest working-interest owner in the world’s largest oil sands mine, Syncrude Canada, finally gave up after a prolonged and acrimonious hostile takeover bid from one of its partners, Suncor. The defeat represented the first major piece of M&A activity in global oil this year, and probably won’t be the last. After a bitter fight which saw Canadian Oil Sands take
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
