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
13 November 2025
The new federal government appears far more supportive of oil and gas than former prime minister Justin Trudeau’s climate-focused administration, but the prospects look better for the latter hydrocarbon
12 November 2025
The November 2025 issue of Petroleum Economist is out now!
10 November 2025
The Russian firm made a significant attempt to expand overseas over the past two decades but is now trying to divest its global operations
10 November 2025
OPEC+ has proven to be astute at bringing back oil production, but mysteries around Chinese buying, missing barrels and oil-on-water have left the group in wait-and-see mode
