Global upstream M&A: 2022 review and outlook
Global upstream M&A activity seemed to have the bit between its teeth in late 2021. We expected that market buoyancy would continue in 2022. But geopolitics and macroeconomics conspired to deliver uncertainty, volatility and a slow down in deal activity. Nonetheless, there's still plenty to discuss among the 215 deals, worth US$88 billion, which were agreed. Oil was still a focal point globally, despite US shale gas' continued renaissance. The Permian remained the premier tight oil play, though spend in the Bakken doubled. Europe held its position as the busiest area outside North America, but Africa was the only region which saw deal activity increase.