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Canada Approves Major Oilfield Merger with Conditions to Protect Competition

By  |  July 16, 2025

The Competition Bureau has finalized a consent agreement with Schlumberger Limited in connection with the company’s proposed acquisition of ChampionX Corporation. The resolution follows a detailed investigation into the deal’s potential effects on competition in Canada’s oilfield services market.

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    According to a statement from the Bureau, its review found that the proposed transaction could significantly lessen competition in the Canadian supply of certain specialized oilfield equipment and services. These include polycrystalline diamond (PCD) cutters and bearings, as well as quartz transducers—critical components used in the construction of drill bits and the delivery of drilling and well completion services.

    Per a statement released by the Bureau, the merger posed risks to innovation and market accessibility in these niche but vital areas of oilfield technology. Schlumberger and ChampionX both currently supply these high-performance products, which are essential to oil and gas exploration and extraction.

    To resolve the Bureau’s concerns, Schlumberger has agreed to divest US Synthetic, a ChampionX subsidiary that manufactures PCD cutters and bearings. Additionally, the company will license intellectual property related to quartz transducers currently held by Quartzdyne, another ChampionX business.

    The Bureau confirmed it is satisfied that these measures adequately address the competition issues raised by the proposed acquisition. These divestitures are expected to preserve market competitiveness and ensure continued innovation in the supply of these specialized oilfield technologies.

    The Bureau also acknowledged the constructive cooperation of both companies throughout the regulatory review process.

    Schlumberger is a global leader in the energy sector, offering a wide range of services and equipment to oil and natural gas firms, including those operating in Canada. ChampionX, also a global player, provides technologies and solutions tailored to the oilfield services industry.

    Source: Canada