China’s Yanchang makes Canada move despite restrictions
Despite new restrictions on the role of state-owned enterprises in Canada, Chinese oil companies remain keen to gain a foothold in the country’s oil patch
On 3 September, Yanchang Petroleum, which is owned by Shaanxi province and listed on the Hong Kong Stock Exchange (HSE), said it would acquire Calgary-based Novus Energy in a cash deal worth C$232 million ($221m), or C$1.18 per Novus share. Including debt, the transaction is worth C$320m. The transaction price is less than the C$344m threshold that would trigger an automatic review under Canada’s new foreign investment laws. Most Canadian deals by Asian state-controlled firms have focused on the country’s oil sands or liquefied natural gas projects. Yanchang, however, is buying Novus’ light, tight oil assets. The company produced just 3,500 barrels a day (b/d) in the second quarter. But it
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
