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Global upstream M&A in brief

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28 March 2023

Global upstream M&A in brief

Report summary

Welcome to the Global upstream M&A in brief, where we bring you opinion and analysis on M&A-related news. The report provides rolling coverage of notable upstream transactions and potential A&D activity. Periodic market summaries will be supported in this document by an enhanced version of the excel download that was previously found in the Monthly Market Update. You can bookmark this report for regular updates.

Table of contents

  • ADNOC and BP offer to buy 50% of Israel's NewMed Energy
  • EIG & Brookfield confirm Origin offer; ConocoPhillips joins party
  • Equinor sells down Statfjord Area to OKEA for US$220 million
  • Prax to enter upstream via acquisition of UK-based Hurricane Energy
  • Deal Pipeline: Eni selling its onshore Nigerian JV
  • Equinor doubles down on pre-FID oil
  • TotalEnergies acquires CEPSA’s UAE assets
    • Deal Pipeline: OMV puts Asia-Pacific assets up for sale
  • Vista Energy decides to narrow its focus to unconventional developments
  • Baytex acquires Ranger for US$2.5 billion
  • Chesapeake sells second Eagle Ford package for US$1.4 billion
  • CPC buys 10% stake in Dorado, Pavo oil fields
  • Capricorn and NewMed terminate merger
  • Somoil continues shopping spree with Galp's Angolan assets
  • Chevron exits Myanmar
  • Hancock takes control of Warrego
  • INPEX’s Eagle Ford project flies over to Repsol
  • Regional activity
  • Global upstream M&A: 2022 review
  • Activists successful in overhauling Capricorn board
  • Deal Pipeline: Equinor seeks a buyer for Agbami-Ekoli in Nigeria
  • Chesapeake’s return to a gas-only portfolioalmost complete
  • Jadestone Energy expands into Thailand
  • Capricorn merger with NewMed set for shareholder vote
  • Deal Pipeline: Equinor rumoured to be buying Suncor's UK upstream business
  • Apex acquires Eni’s producing Western Desert blocks
  • Traders exit Rosneft’s Vostok project
  • Zenith Energy signs SPA to acquire OMV Yemen

Tables and charts

This report includes 15 images and tables including:

  • NewMed Energy NAV (January 2023)
  • WoodMac assumed consideration v valuation
  • Eni JV Acreage
  • Equinor-Suncor deal valuation by fiscal scenario v consideration paid
  • Global M&A – February 2023
  • Implied Long-Term Oil Price (deal by deal) vs. Brent oil price
  • February 2023 deal count compared to historical benchmarks
  • February 2023 deal spend compared to historical benchmarks (excludes US$50bn+ megadeals)
  • Global M&A – January 2023
  • Implied Long-Term Oil Price (deal by deal) vs. Brent oil price
  • January 2023 deal count compared to historical benchmarks
  • January 2023 deal spend compared to historical benchmarks (excludes US$50bn+ megadeals)
  • M&A activity 2022

What's included

This report contains:

  • Document

    Global upstream M&A in brief

    PDF 2.52 MB