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Global upstream M&A: 4 things to look for in 2025
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
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:
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Deal count under last three presidential terms vs oil priceMajors' A&D deal valueOverseas acquisitions by NOCsNon-US transactions by deal type
What's included
This report contains:
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