It was a mixed year for the upstream industry across Continental & Mediterranean Europe (CME). Overall, licence awards were down resulting in a 70% drop in awarded acreage versus 2016, although Majors did move into some potentially high-impact areas. Exploration and appraisal drilling was flat, with both positive and negative results across the frontier plays. Governments across Europe took different approaches to try and attract future investment which led to a very strategic FID in Denmark. M&A activity once again was high, with some large deals struck by the Majors as they rationalise portfolios. In this report, we discuss the what's happened in the upstream sector across Continental and Mediterranean Europe. We cover the UK and Norway in separate reports.