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
- Deal activity
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Shell farms into Equinor’s Bay du Nord
- Caitlin Shaw, 9 October 2026
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Cenovus Energy acquires Athabasca Oil Corporation for C$5.7 billion
- Jonah Resnick and Mark Oberstoetter, 5 October 2026
- 1. Oil sands production is even more highly concentrated
- 2. Producing in situ assets with development upside
- 3. Regulatory and corporate timing coalesce
- 4. Oil sands asset valuations have high torque to long term oil price assumptions
- 5. Consolidation of Duvernay Energy Corporation
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Ithaca Energy acquires a portion of Suncor’s East Coast upstream assets
- Jonah Resnick and Caitlin Shaw, 5 October 2026
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Pacific Link (West Coast Oil Pipeline) added to major projects list
- Mark Oberstoetter, 1 October 2026
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LNG Canada Phase 2 FID sharpens focus on investment-grade feedgas supply
- Mackenzie Monsour, 29 September 2026
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Tourmaline's Topaz sale signals confidence in long-term basin fundamentals
- Ayisha Zia, Mackenzie Monsour, 23 September 2026
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Canada Investment Summit: ambition on display
- Jonah Resnick, 15 September 2026
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Parallax sold to newly formed Avenrock as PE owners cycle in and out
- Mark Oberstoetter, 14 September 2026
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Tamarack Valley and Headwater consolidate the Clearwater in $10 billion merger
- Mackenzie Monsour, 8 September 2026
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Ovintiv strengthens in Alberta Montney
- Mark Oberstoetter, 27 August 2026
- 45 more item(s)...
Tables and charts
This report includes the following images and tables:
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Share of current year oil sands production, pro formaOil sands M&A deal spend by companyReported operating costs for select thermal oil sands projects
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Ithaca portfolio productionIthaca portfolio cash flowPolicy and regulation milestonesEnterprise values for Canadian headquartered midstream and upstream companies, end of June 2025 versus end of September 2026WCSB gas production from investment grade operatorsOperator portfolios by existing and future international pricing exposureWCSB gas operators' shareholder returnsList of oil and gas projects in summit prospectus
- 104 more item(s)...
What's included
This report contains:
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