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
14 April 2026
The GECF has warned it may revise its projections for demand this year downwards in light of conflict in the Middle East, although it maintains its forecasts for 2027 and onwards
13 April 2026
Petroleum Economist analysis highlights sharp shift from crude oversupply to market deficit, with Iraq and Kuwait badly affected and key producers Saudi Arabia and the UAE also seeing output sharply lower
13 April 2026
Turkmenistan is moving ahead with a modest expansion of the giant Galkynysh field to sustain gas deliveries abroad, but persistent delays to other key pipeline projects and geopolitical risks continue to constrain its export ambitions
13 April 2026
Expensive electricity has forced out swathes of energy-intensive industry and now threatens the country’s ability to attract future investment in datacentres and the digital economy
