ADNOC executive: ADNOC is looking at Canada's upstream LNG and XRG opportunities through its XRG arm
A senior executive of the Abu Dhabi National Oil 'Company' said on Tuesday at the Global Energy Show, in Calgary, that it is exploring opportunities for its XRG international arm in Canada's liquefied gas and upstream sectors. Musabbeh Al Kaabi is the CEO of ADNOC upstream. He did not give details about what investments ADNOC may be looking at in Canada. However, he said that he was 'encouraged' by Canada's renewed emphasis on energy development. The United Arab Emirates aims to increase its energy investment abroad, particularly through the?recently established firm XRG, which is the foreign investments arm of ADNOC, its state-owned oil company.
Wildfire Season Returns to Canada's Oil Sands
Wildfire season is back in Canada's oil sands area, with seven active fires on Sunday. This poses a risk to communities, workers and investors. Canada is the fourth largest oil producer in the world, with the majority of its production concentrated in the boreal forest of northern Alberta. Wildfires have always been a problem in this area, but they are now more frequent due to climate changes. They have also become a perennial threat to Canadian oil production. Wildfires have not caused any significant disruptions in the Canadian oil industry operations so far this year.
Carney: Alberta's vote on separation may become a 'dangerous Bluff'
Mark Carney, the Canadian Prime Minister, said on Monday that Alberta's vote on a potential breakaway from Canada could be "a dangerous bluff", and that asking questions like this was "not helpful." The oil-rich region announced last week that it will hold a nonbinding referendum on October to determine whether or not its residents wish to remain in Canada. "I witnessed first-hand what happened in Britain... "They're still trying 10 years after the fact to undo what people thought they were voting for but what they actually got," Carney said in reference to the 2016 vote to leave the European Union.
After Middle East turmoil, oil majors are looking to resurrect Canadian energy.
Shell's $16.4billion agreement to purchase ARC Resources is the most obvious sign of the change. TotalEnergies, ConocoPhillips and Equinor are all companies that have been re-evaluating their Canadian competitors. According to interviews conducted with 12 people who were familiar with these discussions, companies have asked investment banks to create lists of potential acquisition targets. Foreign companies have been dumping fossil fuels in Canada for the past decade. Since the election of Prime Minister Mark Carney, Canada's leaders have become more pro-oil and gas. The war in Iran has also caused investors to seek safer environments.
LNG Canada increases production as Iran's war threatens global supplies
LSEG data shows that LNG Canada, a Shell venture, has increased production and exports to Asia in the past month. This is because 'the iran war' threatens Asian gas supplies, which are especially vulnerable to global disruptions. Data shows that the LNG project in Kitimat (British Columbia), which started operations in June of 2025, exported five cargoes during the first eleven days of March. This is already more than half the volume in February. The sixth shipment will depart on Tuesday. Two cargoes were sent to Japan, two to South Korea, and one to Philippines.
LNG Canada increases production as Iran's war threatens global supplies
LNG Canada, a Shell venture, increased production?and exported to Asia in this month. LSEG data shows that the Iran 'war' threatens Asian natural gas supply, which is particularly vulnerable to disruptions on a global scale. Data shows that the LNG project at Kitimat in British Columbia exported five cargoes during the first eleven days of March. This is already more than half the volume it had in February. A sixth shipment will depart on Tuesday. Two cargoes were sent to Japan, while two others went to South Korea and one to Philippines. According to LSEG data, the plant appears to be close to operating at its full capacity of 14.?million metric tonnes per year.
Canadian Natural Resources exceeds profit expectations on higher production
Canadian Natural Resources, an oil and gas producer, posted a profit that was higher than expected for the fourth quarter. The company's increased output offset lower crude prices. Canadian Natural Resources and other oil sands producers in Canada have survived a 'global downturn', despite the uncertainty caused by U.S. Tariffs, as well as a rise in OPEC+ production, due to their years of investment. Their costs are among the lowest found anywhere in North America. The largest oil and natural gas producer in the country said that its production jumped by 12.8% compared to a year ago, reaching a record of 1.66 million barrels equivalents per day (boepd).
Cenovus, a Canadian company, beats its fourth-quarter profit expectations and begins redevelopment at the former MEG site
Cenovus Energy announced on Thursday that it has begun drilling new oil wells at its Christina Lake Oil Sands site in 'northern Alberta,' formerly owned MEG Energy. The plan will increase the company’s production this year as well as by 2027. The Canadian oil sands company, which exceeded market expectations for adjusted profits in the fourth quarter on Thursday, bought smaller MEG Energy after a bitter battle with Strathcona Resource. Cenovus' portfolio was immediately boosted by approximately 100,000 barrels of oil equivalent per day. This acquisition cemented its position as the world's largest heavy-oil producer.
Imperial Oil shares drop on lower profits; CEO says Venezuelan situation has little impact.
Imperial Oil, a Canadian oil company, saw its share price fall Friday due to a 'lower' fourth-quarter profit. However, the CEO of the company expressed confidence that the company would be able to withstand any changes in crude flow that might occur as a result of the current situation in Venezuela. Imperial shares fell 4.5% by midday, as the market responded to the company’s decline in earnings from the previous year. Imperial attributed this to lower oil prices globally in the third quarter and the wet weather in October that led to production issues at the Kearl oil-sands mine in northern Alberta. Increase your chances of success by contacting us today.
Sources say that Cenovus is considering selling assets in Alberta worth around C$3 Billion.
Two sources with knowledge of the matter have confirmed that Canadian oil producer Cenovus is looking to sell conventional oil and natural gas assets in Alberta's Deep Basin as it "looks" to reduce debt following the recent acquisition of MEG Energy, an oil sands competitor. Sources said that Cenovus has contacted potential buyers to gauge interest. The assets could be worth around C$3 Billion ($2,17 Billion), according to the sources. Cenovus may decide to keep the assets if the plans do not work out. Sources requested anonymity in order to discuss sensitive details. Cenovus didn't immediately respond to an inquiry for comment.
Globe and Mail reports that Canadian Natural is in negotiations to purchase Tourmaline's Natgas portfolio.
Canadian Natural Resources has entered into negotiations to buy a portfolio of natural gas properties worth more than $1 billion from Tourmaline Oil Corp., the Globe and Mail reported Wednesday. The report cited two sources who are familiar with these negotiations. On the website of Competition Bureau Canada, it is stated that Canadian Natural filed paperwork for approval of a deal with Tourmaline?on?December 30. However, details of this potential deal had not been made public. Tourmaline is one of the largest natural?gas producers within Canada's Montney basin.
Why US producers are paying attention to Canada's most popular shale play
Executives, analysts, and advisors say that U.S. producers of oil and gas are seeking new drilling territories in Western Canada's Montney Basin, an enormous shale play in a remote area. The basin is already a hub of M&A and may see even more deals in the near future. The United States has become the largest oil producer in the world as a result of extensive drilling on shale deposits over the past 15 years. After a period of rapid expansion, oil producers are less interested in drilling prospects within the Permian oilfield, which extends across Texas and New Mexico. This is because the remaining area with high-production potential has shrunk.
Suncor trims budget and projects increased oil and gas production in 2026
Suncor Energy forecast lower spending for 2026, despite increased oil and gas production. The company will tighten?costs, and increase shareholder returns through an expanded buyback plan. Suncor's outlook is similar to that of Canadian Natural Resources, Cenovus Energy and other oil sands producers in Canada. After years of investment, Canada's oil-sands producers have become among North America's low-cost operators and outperformed global competitors amid an oil?recession. Suncor, based in Calgary, Alberta, expects to produce between 840,000 and 875,000 barrels of oil per day (bpd) next year. This is an increase from its estimate for 2025 which was 810,000-840,000 bpd.
Documents show that Alberta oil regulators stopped enforcing gas flare limits after government pressure.
Documents seen by have revealed that the regulator responsible for environmental enforcement in Canada’s largest oil-producing province, bowed to pressure from both the provincial government and major oil companies in order to remove a limitation on natural gas flare ups as Canadian oil production increased. Alberta's decision to remove its 20-year old flaring limit, after companies exceeded the limit twice in a row with no objections by the federal government is a good example of Canada's challenges in reconciling environmental commitments and a renewed focus of economic growth.
The battle for MEG Energy in Canada
The shareholders of MEG Energy will vote on Thursday, which could end the long-running battle for the Canadian oil sands manufacturer. This is the timeline for events in this year. Strathcona Resources, a Canadian oil and natural gas producer, announces that it will launch a hostile bid to take over MEG. The deal values the company at C$5.93billion ($4.25billion). MEG's Board urges its shareholders to reject Strathcona bid on June 16, calling it inadequate. The board has announced that it will conduct a strategic review in order to look at alternatives.
Cenovus Reports Rise in Q3 Profit
Cenovus Energy reported a rise in third-quarter profit on Friday, driven by record oil sands production and near-full refinery utilization that helped offset weaker crude prices.The Calgary, Canada-based oil and gas producer pursues a major expansion through its planned acquisition of MEG Energy for about $6 billion.A MEG shareholder vote on the deal was postponed this week to allow for additional regulatory disclosures.The regulatory inquiry is related to a complaint raised by a former employee of MEG who holds approximately 4,000 shares, Cenovus CEO Jon McKenzie said on a conference call.He said Cenovus did not expect the inquiry to affect the transaction…
MEG Energy suspends the shareholder vote on Cenovus' offer, citing a regulatory inquiry
MEG Energy's board has postponed the expected shareholder vote on Thursday regarding a Cenovus Energy buyout. The board said that a regulatory investigation had prompted them to need more information. MEG Energy's board chairman James McFarland announced that the vote on the sale will be held on November 6, instead of ending a long-running bidding war for Canada's only pure-play oil-sands producer. Cenovus consented to the adjournment, he explained, which will allow MEG to disclose information about an asset deal announced on Monday between Cenovus, a former rival bidder, and Strathcona.
Cygnet Energy acquires Kiwetinohk for $1 billion
The companies announced on Tuesday that Cygnet Energy, a privately held company, will purchase Kiwetinohk Energy for C$1.4 billion, including debt. This deal creates a larger Montney-Duvernay operator. Montney and Duvernay in Alberta are Canada's most prolific oil and gas shale plays. They have driven much of the recent growth in production and investment in western Canada. Cenovus Energy, Strathcona Resources and MEG Energy engaged in a battle to take over MEG Energy earlier this year. The companies were interested in its prized asset, the Christina Lake oil-sands project. It is located also near Alberta. According to calculations, Cygnet's price per share will be C$24.75.
ConocoPhillips will lay off Canada employees by November, a company memo shows
According to three sources, and according to a memo from the company, ConocoPhillips will be laying off workers at its Canadian operations as part of its plan to reduce its global workforce to up to one quarter by next year. The memo didn't specify how many layoffs were to take place, but it said that they would start at the Canadian operations of the company in the first week November. The memo stated that employees in Calgary would be notified in a virtual manner on November 5, and those at the company's Surmont Oil Sands operation in northern Alberta, and Montney Shale Play in British Columbia in person the next day.
MEG Energy postpones shareholder vote on Cenovus $6 billion merger
The months-long battle for control of Canada’s last pure-play company in the oil sands sector took on a new twist on Tuesday when MEG Energy Corp. postponed an upcoming meeting where shareholders were scheduled to vote on Cenovus Energy’s proposed takeover. Cenovus has exercised its contractual rights to postpone the meeting. MEG announced that it will now be held on 30 October, instead of Wednesday. Cenovus will have more time to convince investors of its offer. It has already sweetened it once, after MEG shareholders complained that the initial bid was too low.
