席卷美国油气行业的“并购热”目前已波及加拿大，未来几个月该国可能出现大型油气并购交易。其实，2023年，加拿大油气行业的并购交易额已经增加，但主要是规模较小的并购交易。与美国不同的是，由于加拿大油砂储量巨大，还可以开采很多年，加拿大多数油气公司并不迫切需要通过并购交易来增加油气储量。

分析人士表示，加拿大下一波油气“并购热”将是机会主义交易，而非必要交易。其中许多并购交易可能集中在非油砂资产上，如位于加拿大艾伯塔省的杜维纳页岩油气资产或威利斯顿盆地的油气资产。潜在的买家包括以较低估值寻求油气储量的美国公司，因为当前美国页岩油气资产的估值比加拿大高。

加拿大油气行业有能力把握并购机会，因为过去两年油价上涨使得他们的资产负债表有极大改善，并偿还了部分债务。

近几个月，加拿大油气行业已发生几起并购交易，包括Baytex能源公司以22亿美元（包括债务）收购Ranger石油公司、Crescent Point能源公司收购Hammerhead能源公司，以及康菲石油以27亿美元现金从道达尔能源手中收购Surmont油砂项目50%的权益。

The "merger fever" sweeping the U.S. oil and gas industry has now reached Canada, which could see major oil and gas deals in the coming months. In fact, in 2023, the number of mergers and acquisitions in the Canadian oil and gas industry has increased, but mainly smaller mergers and acquisitions. Unlike in the U.S., most Canadian oil and gas companies don't have a pressing need to increase their oil and gas reserves through mergers and acquisitions because of their vast reserves, which can be produced for many years.

Analysts say the next wave of oil and gas M&A in Canada will be opportunistic deals rather than necessary. Many of these mergers and acquisitions are likely to focus on non-oil sands assets, such as the Duverna shale oil and gas assets in Alberta, Canada, or those in the Williston Basin. Potential buyers include U.S. companies seeking oil and gas reserves at lower valuations, as U.S. shale oil and gas assets are currently valued more highly than those in Canada.

Canada's oil and gas industry is in a position to take advantage of M&A opportunities as rising oil prices over the past two years have greatly improved their balance sheets and paid down some of their debt.

There have been several mergers and acquisitions in the Canadian oil and gas industry in recent months, including Baytex Energy's purchase of Ranger Petroleum for $2.2 billion, including debt, Crescent Point Energy's acquisition of Hammerhead Energy, And Conocophillips' acquisition of a 50% interest in the Surmont oil sands project from Total Energy for $2.7 billion in cash.