Asian NOCs in Canada: strategies evolving

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Report summary

An abundance of long-life, high-potential resources initially attracted Asian NOCs to Canada. Despite slowing M&A activity, Asian NOCs operate or are key partners in numerous high-profile projects, including LNG export, exploration and evaluation of emerging unconventional plays, and continued development of the oil sands. We expect the peer group to transition its investment from large-scale acquisitions to increased capital outlays into development programmes.

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    Asian NOCs in Canada.xls

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Table of contents

  • Executive Summary
  • Asian NOCs - internationalisation since 2009
  • Oil sands - large deals now unlikely
  • Corporate positioning in west coast LNG

Tables and charts

This report includes 9 images and tables including:


  • Asian NOCs' capex to displace M&A spend*
  • Average global implied long-term oil price
  • Consideration per Woodmac modelled reserves
  • Majors and NOCs accelerate capital investment going forward
  • Commercial and technical oil sands reserves
  • Acreage and remaining capex in key WCSB plays
  • Asian NOC 2014, 2019 production


  • Major oil sands deals since 2005 involving an NOC
  • Western Canada NOC deals since 2009 with a consideration greater than US$150 million

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