(Bloomberg) -- Canada's Montney shale patch is driving an increase in the volume of oil and natural gas deals in the country, a trend reinforced with the latest acquisition by Canadian Natural Resources Ltd.
The company said late Tuesday it agreed to buy Storm Resources Ltd. for about C$960 million ($774 million) including debt. Calgary-based Storm harvests gas from the Montney, a shale formation in British Columbia.
Acquisitions of Montney operators account for four of five largest oil and gas deals announced this year, according to data compiled by Bloomberg. The numbers also show that the volume of M&A this year and the deal count are both set to be the largest since at least 2018.
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