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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
  • Aramco-backed MidOcean acquires 20% of PETRONAS' key Canadian assets
  • Serica expands into West of Shetland with its latest acquisition
  • TotalEnergies takes gas acquisition strategy outside of the Gulf Coast
  • TotalEnergies exits Ekofisk PPF as partners consolidate stakes
  • GeoPark finally secures Vaca Muerta blocks following deal with Pluspetrol
  • Chappal overstretch: deal with TotalEnergies falls through
  • Medco strengthens South Sumatra position as Repsol finalises Indonesia exit
  • California Resources continues West Coast consolidation with Berry acquisition
  • Chord Energy to buy another 48,000 Bakken acres from ExxonMobil
  • Strathcona amends bid higher for the contested MEG Energy
  • Deal Pipeline: NEO NEXT lining up its first M&A target?
  • 79 more item(s)...

Tables and charts

This report includes the following images and tables:

  • Q3 2025 deal count compared to historical benchmarks
  • Q3 2025 deal spend compared to historical benchmarks (excludes US$50bn+ megadeals)
  • MEG Energy share price over time (C$)
  • Global M&A – August 2025
  • Implied Long-Term Oil Price (deal by deal) vs. Brent oil price
  • 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
  • 66 more item(s)...

What's included

This report contains:

  • Document

    Global upstream M&A in brief

    PDF 11.87 MB