Insight
Global upstream M&A: 3 things to look for in 2023
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Report summary
It’s been a strange year for upstream M&A. We tend to expect more M&A when commodity prices are high. But high commodity prices in 2022 arrived in a volatile gordian knot of geopolitics, inflation, interest rate rises and fiscal instability. None of which is conducive to agreeing, financing and executing oil and gas transactions. M&A activity in 2023 will take place against the same backdrop, at least initially. As long as the macro factors continue to remain febrile, there will be headwinds. When these factors settle, implications may be positive or negative for the sector. In this Insight, we’re going to mostly put the short-term macro forecasting to one side and focus on the industry. We think there are three key things to look for next year.
Table of contents
- Executive summary
- 1. Do US Independents have the appetite to spark an M&A revival?
- 2. Will European Independents look to diversify?
- 3. The Majors – net sellers in upstream, but acquisitions are likely to step up
Tables and charts
This report includes 4 images and tables including:
- US M&A by number of deals
- Top 10 European Independent producers
- Majors' disclosed upstream A&D value
- Majors' 2P reserves traded by theme
What's included
This report contains:
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