CALGARY — Cenovus Energy’s blockbuster $17.7-billion deal to buy most of the Canadian assets of Houston-based ConocoPhillips will likely stand as the biggest acquisition in the oilsands sector for years to come, say some industry watchers.
While other deals are expected to materialize, analysts note there are fewer significant assets available after more than a year of consolidation transactions in Alberta’s oilpatch worth billions.
“If you think about who’s left in terms of remaining players, there aren’t that many,” said Peter Argiris, principal analyst for consultancy Wood Mackenzie in Calgary.
“The days of $15-, $12- and $17-billion deals, I don’t think we’ll see that. I think the big ones are probably eaten up now.”
The deal is the largest this year involving Canadian oil and gas assets, according to data provided by Thomson Reuters.
Alberta’s oilsands, the third-largest proven oil reserves in the world, are also among the most costly and carbon-intensive to produce from. These factors, combined with the pullback in crude prices, have spurred several foreign players to exit the sector so they can…
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