Insight

Global upstream M&A: 4 things to look for in 2025

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Deal flow wasn’t huge in 2024 but another round of large-scale mergers – primarily in the US – ensured deal spend remained high. What does 2025 have in store? We think the new US administration could boost deal flow, if not deal spend. De-regulation and a pro-oil and gas administration should encourage more activity in the space. The Majors enter 2025 as a disparate bunch, with a mixed outlook for acquisitions and divestitures. Among the NOCs, ADNOC and Saudi Aramco are best placed to make a splash in 2025. But will the Chinese NOCs look to geographically pivot their portfolios? M&A has been instrumental in creating a number of mid-sized domestic-focused players in recent years. There's plenty of scope for these companies to continue growing with asset and corporate acquisitions in 2025.

Table of contents

  • 1. The new US administration could boost deal flow
  • 2. Some Majors more likely than others to pursue M&A
  • 3. Will the NOCs step up activity?
  • 4. What next for consolidation outside the US?

Tables and charts

This report includes the following images and tables:

  • Deal count under last three presidential terms vs oil price
  • Majors' A&D deal value
  • Overseas acquisitions by NOCs
  • Non-US transactions by deal type

What's included

This report contains:

  • Document

    Global upstream M&A: 4 things to look for in 2025

    PDF 1.07 MB