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• Canadian Natural Resources buys Chevron’s Alberta assets for $6.5B US

• Alberta tightens rules for foreign companies investing in energy infrastructure

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Canadian Natural Resources Buys Chevron's Alberta Assets for $6.5B US

In a move that strengthens its position as one of the largest independent oil and gas producers in the world, Canadian Natural Resources Ltd. (CNRL) has announced a $6.5 billion US deal to acquire Chevron Canada Ltd.'s interests in the Athabasca Oil Sands Project and Duvernay shale. This acquisition further consolidates CNRL's dominance in the oilsands sector, marking another major exit of a foreign company from the region.

Key Takeaways

• CNRL’s Expanded Stake in Athabasca: CNRL increases its ownership in the Athabasca Oil Sands Project to 90%, gaining control of 62,500 additional barrels of synthetic crude oil production per day.

• Chevron’s Exit from Canadian Oilsands: Chevron joins other foreign firms like Statoil, Total SA, and Murphy Oil in exiting the Canadian oilsands market, signaling a broader trend.

• Opportunities for Future Growth: The acquisition allows CNRL to optimize production between the Athabasca site and its Horizon oilsands mine. CNRL expects significant production increases and new drilling opportunities in the coming years.

• Duvernay Shale Acquisition: CNRL will also take over Chevron’s 70% interest in the Duvernay shale play, with production anticipated to reach 60,000 barrels of oil equivalent per day (boe/d) by 2025, and 70,000 boe/d by 2027.

• Investment Community Favorability: CNRL’s strategy of expanding through acquisitions has earned praise from analysts, including RBC Capital’s Greg Pardy, who remains bullish on oilsands majors. The company’s increased financial resiliency and access to new export capacity via the Trans Mountain pipeline are seen as critical growth factors.

Why This Matters: CNRL’s acquisition of Chevron’s Alberta assets not only strengthens its control over the Athabasca region but also signals a continued consolidation of Canada’s oilsands by domestic producers. As foreign companies increasingly divest from the oilsands, Canadian firms like CNRL are taking the lead in optimizing production and growth. This deal reflects broader trends in the energy sector and could significantly influence Canada’s oil and gas industry moving forward.


Read the full article here.

Alberta Tightens Rules for Foreign Companies Investing in Energy Infrastructure

Foreign companies looking to invest in Alberta’s energy infrastructure are facing new challenges. Although Alberta's regulations on foreign ownership haven’t changed, a recent reinterpretation of those rules is causing delays and uncertainty for energy-related investments. Legal experts warn that this shift is cooling the investment climate in the province, impacting both foreign and Canadian businesses.

Key Takeaways

• New Interpretation of Existing Rules: While Alberta's regulations on foreign ownership remain unchanged, the Foreign Ownership of Land Administration (FOLA) is now interpreting these rules more narrowly, creating longer delays for investment deals.

• Delays in Transaction Approvals: The identity of a purchaser now matters, especially for foreign companies. Transactions involving energy facilities like power plants and pipelines can face delays of 4 to 8 months, with no guarantee of approval.

• Canadian Companies Also Affected: Domestic companies that don’t meet certain criteria, such as having two-thirds of their board represented by Canadian residents, are also subject to these new restrictions.

• Impact on Energy Sector Development: Lawyers say this reinterpretation is making it harder for companies to buy existing energy infrastructure, potentially discouraging new construction and narrowing the pool of potential purchasers.

• Unclear Motive: It's not clear what led to this stricter interpretation, but many investors are taken by surprise, seeking clarity on how these changes will affect the energy market in Alberta.

Why this matters: As Alberta seeks to attract investment to its energy sector, the recent regulatory shift adds uncertainty for both foreign and Canadian companies. This could hinder the growth and development of vital infrastructure, making the province less attractive to international investors. Understanding and adapting to these new rules will be crucial for companies looking to navigate Alberta's energy landscape.

Read the full article here.

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