Chevron Canada Limited on the sale of its interest in the Athabasca Oil Sands Project and the Kaybob Duvernay Shale Gas Project to Canadian Natural Resources Limited for US$6.5 billion

On October 7, 2024, Chevron Canada Limited announced its sale to Canadian Natural Resources Limited of Chevron’s 20% interest in the Athabasca Oil Sands Project and 70% interest in the Kaybob Duvernay Shale Gas Project, as well as certain other oil sands and petroleum and natural gas rights located in Alberta. The transaction is an all-cash deal valued at US$6.5 billion, and is expected to close during the fourth quarter of 2024, subject to regulatory approvals and other customary closing conditions. The deal is the largest transaction in the Canadian oil industry this year.

Chevron Corporation is a global leading integrated energy company that operates in exploring, developing, producing and marketing crude oil, natural gas and natural gas liquids.

Canadian Natural Resources Limited is a senior oil and natural gas company that is focused in British Columbia and Alberta.

Osler, Hoskin & Harcourt LLP advised Chevron Canada Limited with a team that included Simon Baines, Janice Buckingham, Mike Proudfoot, Callan Kimber and Zeyad Aboudheir (Corporate), Kaeleigh Kuzma (Competition), Olivia Dixon and Julie Treleaven (Litigation), Brad Gilmour, Sander Duncanson and Niall Fink (Regulatory, Indigenous and Environmental), Sameena Sarangi (Financial Services), Shaun Parker and Catherine Hamill (Labour and Employment), Jon Marin (Pensions and Benefits) and Sam Ip and Alex Hodgson (Technology).