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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

  • Deal Pipeline: Shell considers exit from Argentina's Vaca Muerta shale play
  • Eni sells 10% Baleine stake to SOCAR
  • Deal Pipeline: Cenovus evaluating C$3 billion Deep Basin sale
  • Deal Pipeline: MOL agrees to buy Russian stake in Serbia’s NIS amid US sanctions
  • Grupo Carso consolidates Ichalkil-Pokoch ownership acquiring Lukoil's Mexican subsidiary for US$270 Million
  • Brava Energia acquires Petronas’ stake in Tartaruga Verde for US$450 million
  • Mitsubishi makes a US$7.5 billion Haynesville power play
  • Shell & ExxonMobil withdraw from Viaro Energy deal
  • TotalEnergies sells its 10% equity in the Renaissance JV to VAARIS
  • Vickery Energy acquires Tribune Resources to establish core Marcellus position
    • Assets
    • Strategy
  • What do we expect from upstream M&A in 2026?
  • 130 more item(s)...

Tables and charts

This report includes the following images and tables:

    Shell’s blocks in Vaca Muerta (operated in light blue and non-operated positions in dark blue)Baleine productionCarso’s Upstream Asset Portfolio
    Brava Energia production by basinAethon Energy Haynesville acreageShell / ExxonMobil asset packageRenaissance JV blocksTime normalized production by operatorGlobal M&A – December 2025Implied Long-Term Oil Price (deal by deal) vs. Brent oil priceDecember 2025 deal count compared to historical benchmarksDecember 2025 disclosed deal spend compared to historical benchmarks (excludes US$50bn+ megadeals)
  • 105 more item(s)...

What's included

This report contains:

  • Document

    Global upstream M&A in brief

    PDF 17.45 MB