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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

  • Gunvor withdraws bid for LUKOIL
  • Aker BP and DNO swap assets and accelerate Kjøttkake plans
  • Arcius Energy takes on Egypt’s Harmattan project
  • Ovintiv increases its Montney position by acquiring NuVista for US$2.7 billion
  • SM Energy merges with Civitas Resources at a US$13 billion valuation
  • Eni and PETRONAS sign binding agreement on Southeast Asia joint venture
  • Regional activity
  • LUKOIL receives offer from Gunvor
  • Deal Pipeline: LLOG Exploration explores US$3 billion sale in Gulf of America
  • Deal Pipeline: LUKOIL announces intention to sell its international assets
  • Aradel acquires 40% interest in ND Western from Petrolin
    • Asset details
  • 95 more item(s)...

Tables and charts

This report includes the following images and tables:

    Harmattan production forecast and cost profileGlobal M&A – October 2025Implied Long-Term Oil Price (deal by deal) vs. Brent oil price
    October 2025 deal count compared to historical benchmarksOctober 2025 deal spend compared to historical benchmarks (excludes US$50bn+ megadeals)Map of Cygnet and Kiwetinohk Alberta assetsTenaz Energy net gas production - Netherlands and GermanyCivitas inventory stackEkofisk PPF - TotalEnergies net cash flow and productionGlobal M&A – Q3 2025Quarterly trends
  • 78 more item(s)...

What's included

This report contains:

  • Document

    Global upstream M&A in brief

    PDF 12.74 MB