Canadian Oil Producers Prioritize Buying Over Building ...Middle East

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Canadian Oil Producers Prioritize Buying Over Building
A two-month-long bidding war in Canada’s oil patch signaled there is another way for a company to boost its production and resources than investing in new oil sands production, which is considered the world’s most expensive source of new oil supply.   The acquisition saga for MEG Energy appears to have ended after the hostile bidder, MEG’s shareholder Strathcona Resources with a 14% stake, terminated its takeover pursuit on Friday. This followed a sweetened offer by the rival bidder, Cenovus Energy, which earlier last…

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