Chevron Canada sells its stakes in Athabasca and Duvernay for $6.5 billion

Chevron Canada Limited and Chevron Canada Oil Sands Partnership have entered into a definitive agreement to sell their interests in the Athabasca Oil Sands Project and Duvernay shale to Canadian Natural Resources Limited for $6.5 billion.

Partagez:

Chevron Canada Limited (CCL) announced today the sale of its strategic interests in two major projects located in Alberta. This transaction, with a total value of $6.5 billion US dollars, includes the sale of Chevron Canada Oil Sands Partnership’s (CCOSP) 20% non-operated interest in the Athabasca Oil Sands Project, as well as CCL’s 70% operated interest in the Duvernay shale gas.

This all-cash transaction will take effect on September 1, 2024, and is expected to close during the fourth quarter of the same year, subject to regulatory approvals and other customary closing conditions. Canadian Natural Resources Limited (CNRL) will be the main acquirer of these assets, thereby strengthening its position in the Canadian energy sector.

Impact on the Energy Sector

The sale of interests in the Athabasca Oil Sands and Duvernay shale marks a significant step for Chevron Canada Limited. This strategic decision is part of the company’s effort to refocus its activities on projects more aligned with its sustainable development and energy transition objectives. By disengaging from these projects, CCL frees up financial and operational resources that can be reinvested in low-carbon initiatives and innovative technologies.

On its side, Canadian Natural Resources Limited (CNRL) will benefit from acquiring these assets, thus enhancing its production capacity and influence in the Canadian hydrocarbon market. This transaction allows CNRL to expand its portfolio in key geographical areas and optimize its operational synergies.

Financial and Regulatory Consequences

The amount of $6.5 billion US dollars represents a substantial injection into CCL’s finances, enabling it to reduce its debt and fund new projects. This transaction also reflects current market trends, where major energy companies are reevaluating their portfolios to adapt to new economic and environmental realities.

From a regulatory standpoint, the agreement is subject to approval by the relevant authorities, including environmental regulatory bodies and market commissions. These entities will assess the impact of the transaction on competition and compliance with existing environmental standards.

Market Reactions and Future Perspectives

Investors have welcomed Chevron Canada’s announcement favorably, perceiving it as a maneuver aimed at strengthening the company’s financial health and improving its strategic flexibility. Analysts predict that this operation could prompt other sector players to reevaluate their own asset portfolios, thereby fostering a consolidation dynamic within the energy industry.

For CNRL, acquiring these interests represents an opportunity for growth and diversification of its activities. Integrating these assets should allow cost optimization and increased production, while offering long-term development prospects.

Conclusion

The sale of Chevron Canada’s interests in the Athabasca Oil Sands and Duvernay shale projects to Canadian Natural Resources Limited for $6.5 billion US dollars underscores major strategic shifts within the Canadian energy sector. This transaction not only redefines the positions of both companies in the market but also reflects the ongoing adjustments necessary to address current economic and environmental challenges.

Pedro Azagra leaves his role as CEO of Avangrid to become CEO of Iberdrola, while Jose Antonio Miranda and Kimberly Harriman succeed him as CEO and Deputy CEO respectively of the American subsidiary.
ENGIE secures a contract to reduce Airbus' industrial emissions in France, Germany, and Spain, targeting an 85% decrease by 2030 through various local energy infrastructures.
Alain Rhéaume, Chairman of Boralex’s Board of Directors for eight years, will leave his position by December, following the appointment of his successor by the governance committee of the Canadian energy group.
Norwegian group Statkraft plans an annual cost reduction of NOK2.9bn ($292 million) by 2027, citing possible job cuts amid rising financial burdens and volatility in the European energy market.
EDF merges EDF Renouvelables and its International Division into EDF power solutions, led by Béatrice Buffon, to optimise its global 31 GW low-carbon energy portfolio and strengthen its international positioning.
TotalEnergies announces a strategic partnership with Mistral AI to establish a dedicated innovation laboratory integrating artificial intelligence tools aimed at enhancing industrial efficiency, research, and customer relations.
The Energy Transitions Commission warns of economic risks tied to growing protectionism around clean technologies, while calling for global consensus on carbon pricing.
Baker Hughes has reached an agreement to sell its precision sensor product line to Crane Company for $1.15bn, thereby refocusing its operations on core competencies in industrial and energy technologies.
American conglomerate American Electric Power sold 19.9% of two transmission subsidiaries to KKR and PSP Investments, raising $2.82bn to support its five-year $54bn investment plan.
The new mapping by Startup Nation Central identifies 165 active companies in Israel’s energy technologies, amid strong private funding and growing global market interest.
The new CEO of EDF, Bernard Fontana, aims to achieve €1 billion in operational cost savings for the French energy giant by 2030, prioritizing industrial contracts and the national nuclear sector.
CMS Energy Corporation has announced a cash tender offer for debt securities totalling $125 million, issued by Consumers Energy. The offer expires on July 3, 2025, with priority given to bonds submitted before June 17, 2025.
Vermilion Energy is exiting the U.S. market permanently by selling its assets for C$120mn ($87.88mn), refocusing its operations on Canada and Europe while reducing its debt and investment budget.
In 2024, Italian energy giant Eni paid approximately €8.4 billion to various global governments. These payments, primarily concentrated in Africa and Asia, reflect its commitments in the international energy sector.
The International Energy Agency projects a record-high global energy investment in 2025, driven by electricity and low-carbon technologies despite geopolitical and economic uncertainty.
The Czech regulatory authority launches an investigation into suspected collusion involving several major actors in the awarding of a thermal power plant, putting transparency of a strategic transaction for the energy sector at stake.
The Democratic Republic of Congo is set to replace its temporary ban on cobalt hydroxide exports with quotas, aiming to balance global demand, secure revenue, and stabilize market fluctuations.
European Energy secured EUR 145mn in financing from SEB and Swedbank to support wind, solar, and storage assets in Lithuania, reinforcing its regional expansion strategy.
Greenvolt Group finalised the sale of 28 solar and wind projects to Transiziona, valued at €195mn, bringing total asset sales to €530mn in 2025 as part of its pan-European strategy.
Royal Vopak’s Indian joint venture rose nearly 3% on its first trading day in Mumbai, reaching an implied valuation of €2.7bn ($2.93bn).