The recent deals from Calgary-based Canadian Natural Resources, Cenovus Energy and Athabasca Oil Corporation to acquire billions in oilsands assets have brought much attention to the level of Canadian ownership of these projects and operations.
It’s time to look at the numbers.
As it turns out, even before the approximately $31 billion combined value of these mining and thermal oil transactions, Canadian companies were responsible for the majority of bitumen volumes.
Prior to Canadian Natural’s acquisition of 70 percent interest in the Athabasca Oil Sands Project from Shell and Marathon—as well as 100 percent of Shell’s in situ assets—Cenovus’s purchase of ConocoPhillips’ 50 percent interest in the Foster Creek/Christina Lake SAGD partnership and Athabasca’s acquisition of Statoil’s Leismer SAGD assets, analysis of Alberta Energy Regulator data shows that Canadian-headquartered companies owned about 67 percent of oilsands production.
Following these transactions, that ownership number will have increased to about 80 percent.
Take a look.