Insight
Canada upstream in brief
*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.
Table of contents
- Recent insights
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Deal activity
- Mark Oberstoetter and Cecilia Treviño , 2 Febraury 2026
- Mackenzie Monsour , 27 January 2026
-
IPC reaches first steam at Blackrod
- Jonah Resnick , 20 January 2025
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ICYMI: recent Canada upstream insights
- Mackenzie Monsour , 16 Dec 2025
- Jonah Resnick , 27 November 2025
- Mackenzie Monsour , 25 November 2025
- Mark Oberstoetter , 24 November 2025
- Mackenzie Monsour & Mark Oberstoetter , 18 November 2025
- Mark Oberstoetter , 14 November 2025
-
ARC pushes back Attachie Phase II FID
- Mackenzie Monsour , 11 November 2025
- Mark Oberstoetter , 28 October 2025
- Jonah Resnick, 30 September 2025
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MidOcean’s aggressive growth continues with LNG Canada purchase
- Mark Bononi and Mark Oberstoetter , 30 September 2025
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Ksi Lisims LNG receives provincial environmental approval, moves toward FID
- Mark Bononi and Mark Oberstoetter , 9 September 2025
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Strathcona amends bid higher for the contested MEG Energy
- Mark Oberstoetter , 9 September 2025
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Equinor and BW Offshore sign agreement to progress design work of the Bay du Nord FPSO
- Mark Oberstoetter , 2 September 2025
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In case you missed it: Duvernay key play updates
- Amanda Wu and Scott Norlin , 28 August 2025
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MEG-A oil sands news: Cenovus moves to acquire MEG Energy
- Mark Oberstoetter , 22 August 2025
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WCSB gas earnings roundup: Q2 2025
- Mackenzie Monsour , 22 August 2025
- 22 more item(s)...
Tables and charts
This report includes the following images and tables:
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Norman Wells annual cash flowsMap of Norman Wells field and pipelineOil sands majors: gearing ratio
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Blackrod and surrounding oil sands leasesMap of nearby Charlie Lake and Montney operators (Wapiti not shown)Zooming in: net debt capacity to 40% gearing2026 capex guidance change by liquids weightingAnnual M&A consideration2025 & 2026 capital and production guidanceQuarterly oil sands productionNorth Montney BC well designs and productivity before and after Attachie Phase IMap of Cygnet and Kiwetinohk Alberta assets
- 68 more item(s)...
What's included
This report contains:
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