Canada upstream in brief Report

Insight 29 May 2025

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

What's inside this report?

Corporate news: What’s caught the team’s attention in the headlines this month
Deep dive: Expert analysis from our dedicated team on the most exciting developments in the sector – from M&A activity to new exploration to geopolitical developments
What to watch: What to expect from the Canadian upstream sector over the next few months

Report summary

The Canada upstream in brief provides our expert opinion and analysis of the top upstream stories as they unfold. We have a dedicated team of experienced industry analysts covering all regions of Canadian upstream activity – Oil Sands, Western Canada Sedimentary Basin, Arctic, and offshore East Coast. We primarily focus on: exploration and appraisal drilling, project developments, production, licensing, fiscal and regulatory changes, geopolitics, and corporate and M&A activity.

Recent insights
Deal activity
Riding the LNG Wave: CNRL taps US LNG infrastructure in strategic supply agreement with Cheniere
- Ayisha Zia and Mark Oberstoetter, 29 May 2025
TotalEnergies signs agreement with Canada’s Ksi Lisims LNG
- Yani Arias and Sean Harrison, 21 May 2025
Strathcona bids for MEG Energy in bold oil sands consolidation move
- Mackenzie Monsour , May 20 2025
Strathcona divests Montney in three packages totaling US$2 billion (C$2.8 billion)
- Mark Oberstoetter , 29 April 2025
Value implications from Alberta freezing the industrial carbon price
- Mackenzie Monsour , Jack Mageau , 14 May, 2025
Canada election results are in, Liberals maintain a minority government
- Mark Oberstoetter , 29 April 2025
Market turmoil: the corporate and upstream response
- Luke Parker, Tom Ellacott, Fraser McKay, David Clark and Greig Aitken, 8 April 2025
A closer look at Alberta’s gas reserves report
- Mackenzie Monsour , 27 March 2025
- Jonah Resnick , 26 March 2025
Whitecap and Veren merge into seventh largest Canadian producer
- Mark Oberstoetter , 10 March 2025
InPlay doubles down as a Cardium pure-play with Obsidian acquisition
- Mackenzie Monsour , February 21 2025
7 more item(s)...

Tables and charts

This report includes the following images and tables:

Delivered Cost of Canadian and US LNG into Japan
US$ per flowing barrel equivalent for recent Montney deals
Deal metrics

NPV increase by operator and by asset for C$95 flat versus escalating to C$170 carbon tax scenario
Wood Mackenzie Alberta gas reserves
AER Study results
Whitecap and Veren combined assets
Pembina Cardium assets by operator
CNRL mine bitumen production
Oil sands mine bitumen operating cost by project
Canada upstream M&A annual trends
Capital guidance year-over-year
44 more item(s)...