Asia Pacific upstream M&A watchlist - what, where, who and why

Portfolio streamlining and balance sheet deleveraging are bringing new upstream assets and portfolios to the market across Asia Pacific. We value these assets which are on sale or available for farm-ins at nearly US$11 billion. A further US$24 billion worth of opportunities could spring up in the longer term as companies, driven by the energy transition, look to decarbonize their portfolios. Deals may take time to materialise as the number of buyers with access to capital are limited. Here we present a snapshot of assets which are already up for sale or rumoured to be.