Pipelines at CNRL Primrose Lake oil sands project
M&A activity likely to slow in Canada
After a recent surge led to 2024 consolidation matching that of previous years, there is less optimism the feat will be repeated in 2025
M&A activity in the Canadian oil patch has surged in the fourth quarter after a slow start to 2024 on the back of two deals, putting the total value on par with each of the past two years. Calgary-based Canadian Natural Resources Ltd. (CNRL) announced in October that it would be acquiring all of Chevron Canada Limited’s producing assets in the province of Alberta for $6.5b (C$8.8b). These include Chevron’s 20% stake in the Athabasca Oil Sands Project (AOSP)—the Muskeg River and Jackpine mines, the Scotford Upgrader, and the Quest Carbon Capture and Storage facility—bringing CNRL’s share in the project up to 90%, and Chevron’s 70% working interest of light crude oil and liquids-rich asset
Also in this section
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
21 January 2026
Petroleum Economist takes a look at the critical developments that look set to govern the course of the market for this year
20 January 2026
The ripple effects of US refiners switching to Venezuela grades will be felt from Canada to China and everywhere in between
