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
25 July 2025
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand
