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Global upstream M&A in brief

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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

  • Regional activity
  • Crescent-Vital merger: scale gains vs. capital strain
  • Deal Pipeline: Petronas looks to divest its stake in the Tartaruga Verde field
  • Strategic consolidation: Cenovus acquires MEG, the most coveted and final pure-play oil sands producer
  • YPF acquires two TotalEnergies' Vaca Muerta assets for US$500 Million
  • Gran Tierra expands Ecuador footprint with strategic Oriente Basin acquisition
  • Regional activity
  • NEO Energy and Repsol Resources UK merger completes
  • Deal Pipeline: ConocoPhillips rumoured to sell Mid-con assets to Flywheel Energy
  • Chevron sheds first post-Hess non-core position, exits Malaysia-Thailand JDA
  • Aker BP and JAPEX in Norway asset swap
  • NPEX JV acquires Pandion Energy assets in Norwegian expansion
  • 67 more item(s)...

Tables and charts

This report includes the following images and tables:

  • August 2025 deal count compared to historical benchmarks
  • August 2025 deal spend compared to historical benchmarks (excludes US$50bn+ megadeals)
  • Sensitivity case ran in Lens of potential value creation for Tartaruga Verde
  • Cenovus Energy: gearing and shareholder return framework
  • Location of Espejo, Perico and Iguana blocks
  • Global M&A – July 2025
  • Implied Long-Term Oil Price (deal by deal) vs. Brent oil price
  • July 2025 deal count compared to historical benchmarks
  • July 2025 deal spend compared to historical benchmarks (excludes US$50bn+ megadeals)
  • Map of licences and discoveries
  • 60 more item(s)...

What's included

This report contains:

  • Document

    Global upstream M&A in brief

    PDF 11.04 MB