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
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
