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
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
9 December 2025
The group’s oil production declined in November, our latest analysis finds, amid divided sentiment over market balances and geopolitical jitters
