The Canadian upstream M&A market has bounced back from a poor performance in 2013. It has done so in spite of some Canada-specific issues that continue to create uncertainty for potential buyers, particularly in the oil sands. CNRL made Canada’s largest acquisition in the first half of the year. Repsol, BG and PTTEP are rumoured to be eyeing deals in the country. But it is the industrious Canadian-listed juniors and mid-caps that continue to underpin the market.