GATINEAU, QC, June 20, 2025 /CNW/ – The Competition Bureau has reached a consent agreement with Canadian Natural Resources Limited to address competition concerns related to its proposed acquisition of Schlumberger N.V.’s (SLB) interest in the Palliser Block joint venture. These assets include SLB’s 87.5% interest in 16 natural gas processing plants in southeastern Alberta.
The Bureau found that the proposed transaction would likely result in a significant increase in market concentration in an area surrounding three natural gas processing plants: Seiu Lake, Wintering Hills and Wayne Dalum, all located approximately 130 kilometers east of Calgary. This could lead to higher prices, and fewer options for natural gas producers in that region.
To resolve the Bureau’s concerns, Canadian Natural has agreed to sell 75% of its interest in the Seiu Lake natural gas processing plant to North 40 Resources Inc., an oil and natural gas exploration company operating in the same area. North 40 will be the operator of the natural gas processing plant, leaving Canadian Natural with a non-operating 25% interest in the facility.
The Bureau is satisfied that the sale will preserve competition in the area around the Seiu Lake natural gas processing plant and ensure that producers in the area will continue to have two options for natural gas processing.
The Bureau acknowledges the parties’ cooperation throughout the review to address the Bureau’s concerns.
The complete consent agreement will be available on the website of the Competition Tribunal.
Quick facts
- Canadian Natural Resources Limited is a Canadian energy company that operates in the oil and natural gas industry in western Canada and internationally. It is headquartered in Calgary, Alberta.
- SLB operates globally in the energy sector, including providing services to producers in Canada’s oil and natural gas sector.
- North 40 Resources Inc. is a Canadian oil and natural gas exploration company that produces oil and natural gas across southeast Alberta, including in the area around the Seiu Lake gas plant. It is headquartered in Alberta.
- A consent agreement contains remedial measures meant to address the likely anti-competitive effects of a merger. It has the force and effect of a court order once it is registered with the Competition Tribunal.
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The Competition Bureau is an independent law enforcement agency that protects and promotes competition for the benefit of Canadian consumers and businesses. Competition drives lower prices and innovation while fueling economic growth.
SOURCE Competition Bureau
View original content: http://www.newswire.ca/en/releases/archive/June2025/20/c4877.html