Upstream M&A was put on hold in 2015 as the oil price stayed "lower for longer". Deal count fell 40% year on year. Shell's US$82 billion acquisition of BG was memorable but easily outstripped the disclosed spend on every other deal combined. In this Insight we provide an in depth analysis of the global upstream M&A market in 2015 looking at buyers sellers regional activity valuations and more. For an explanation of why we think the upstream M&A market will recover this year see upstream M&A: 2016 outlook.