Canadian Natural Resources Ltd.

Canadian Natural Resources Ltd. in its proposed acquisition of Cenovus Energy Inc.’s Pelican Lake oil asset for approximately $1 billion


Canadian Natural Resources Ltd.


$1 billion


Mergers and Acquisitions

Date Closed

September 2017



Lead Office



On September 1, 2017, Canadian Natural Resources Ltd. ("CNRL") announced that it has entered into an agreement to acquire assets in the Greater Pelican Lake region and other miscellaneous assets in northern Alberta from Cenovus Energy Inc. (“Cenovus”) for gross cash consideration of $975 million.

Pelican Lake produces approximately 19,600 barrels per day of heavy oil, and this is the first of four key asset sales by Cenovus (in connection with its earlier $17.7-billion purchase of most of the Canadian assets of ConocoPhillips).

CNRL is an independent crude oil and natural gas exploration, development and production company based in Calgary, Alberta.

Osler, Hoskin & Harcourt represented CNRL with a team consisting of Rob Desbarats, Janice Buckingham (Energy) and Peter Glossop (Compeition/Antitrust).