On June 20, 2025, the Competition Bureau of Canada announced a consent agreement with Canadian Natural Resources Limited (CNRL) to address antitrust concerns linked to its proposed acquisition of Schlumberger N.V.’s (SLB) 87.5% interest in the Palliser Block joint venture. The transaction involves SLB’s stake in 16 natural gas processing plants located across southeastern Alberta.

The Bureau determined the deal could significantly increase market concentration near three key facilities—Seiu Lake, Wintering Hills, and Wayne Dalum—situated about 130 kilometers east of Calgary. Such consolidation was expected to reduce options for natural gas producers and potentially drive up processing costs.

To mitigate these risks, CNRL will divest 75% of its ownership in the Seiu Lake gas processing plant to North 40 Resources Inc., an Alberta-based oil and gas exploration company. North 40 will take over operations of the plant, with CNRL retaining a 25% non-operating interest. This remedy ensures the continued presence of at least two gas processing options for producers in the region.

The Competition Bureau confirmed satisfaction with the remedy and recognized the parties’ cooperation throughout the regulatory review. The consent agreement, enforceable as a court order once registered with the Competition Tribunal, is designed to preserve competitive market conditions in Alberta’s natural gas sector.

No financial terms or legal advisors were disclosed.