Global upstream M&A in brief: 2020 archive Report

Insight 01 February 2021

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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.

Q4 2020 quarterly review
- Regional activity
Sval Energi to acquire Edison’s Norwegian portfolio for US$300 million
OMV Petrom sells its Kazakh assets to local firm
Rosneft steps up M&A activity in Russia at year end
Viaro Energy buys SSE assets for £120 million
2020 consolidation continues with Diamondback’s two deals
Energean completes acquisition of Edison E&P
Equinor acquires early-life oil assets in East Siberia
Whitecap acquires TORC for US$700 million
How will ExxonMobil's US gas exodus play out?
Regional activity
Russia's Vostok Oil project to get its first foreign investor
ExxonMobil pulls Bass Strait asset sales process
Sasol’s upstream retreat continues as VAALCO ups its stake in Etame Marin, Gabon
Russia’s Volga Gas to get a new owner
Deal Pipeline: Ovintiv looks to offload its Eagle Ford position
Bonanza Creek acquires DJ Basin peer HighPoint Resources
FAR exits Senegal's Sangomar
New Asia-Pacific upstream M&A watchlist
Tourmaline consolidates in Canada's Deep Basin
Regional activity
EQT to buy Chevron’s Appalachia assets
Cenovus buys Husky
Dana Gas sells onshore Egypt assets to IPR
Pioneer picking up Parsley for US$7.6 billion
ConocoPhillips to acquire Concho Resources
Lundin Energy acquires Barents Sea assets for US$125 million
Chrysaor to reverse into Premier
Oxy sells its onshore Colombia assets for US$825 million
Q3 2020 quarterly review
- Regional activity
Devon and WPX agree merger
Shell acquires exploration acreage from Kosmos
Regional activity
Consolidation continues in western Canada
Qatar Petroleum enters Angola, farming-in Block 48
Woodside pre-empts LUKOIL Sangomar transaction
Waterous consolidates to form Strathcona Resources
CNRL swoops in to acquire Painted Pony
Range's loss is LNG's gain
Regional activity
Viaro Energy agrees US$310 million deal to acquire RockRose
Regional activity
Energean cuts Edison E&P purchase price by US$466 million
BP announces US$5 billion sale of petrochemicals business to INEOS
Chevron puts the North West Shelf LNG project up for sale
Antero secures US$402 million in latest Northeast deal
Premier and BP agree revised terms for US$625 million UK deal
Regional activity
HitecVision goes it alone with revised Total UK deal
Neptune Energy cancels deal with Energean
Total cancels its acquisition of Occidental's Ghana portfolio
Regulator blocks Pieridae acquisition of Shell assets
Equinor sells remaining stake in Lundin for US$336 million
Shell exits Appalachia
HighPeak Funds reverses into Pure Acquisition Corp.
Regional activity
BP and Hilcorp revise terms of US$5.6 billion Alaska deal
Total agrees new deal with Tullow in Uganda
Chevron completes Azerbaijan disposal to MOL
Santos sells down stake in Barossa to JERA
Q1 2020 quarterly review
- Regional activity
Lenders to take majority stake in Sanchez Energy Corporation
Coronavirus and oil price collapse will extend M&A slump
Santos farms down 25% of Bayu-Undan and Darwin LNG to SK E&S
Regional activity
PGNiG agrees Norwegian swap deal with Aker BP
PetroRio buys FPSO and farms in to Tubarao Martelo
Regional activity
Equinor and Shell strengthen their presence in the Vaca Muerta
Bankrupt Alta Mesa assets sold for US$320 million
Premier makes two UK North Sea acquisitions for up to US$870 million

Tables and charts

This report includes 40 images and tables including:

Global M&A – Q4 2020
2020 quarterly deal spend and count
2020 quarterly Implied Long-Term Oil Price

Global M&A – November 2020
November 2020 deal count compared to historical benchmarks
November 2020 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
Global M&A – October 2020
October 2020 deal count compared to historical benchmarks
October 2020 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
Global M&A – Q3 2020
Kosmos exploration acreage
Global M&A – August 2020
August 2020 deal count compared to historical benchmarks
August 2020 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
Global M&A – July 2020
July 2020 deal count compared to historical benchmarks
July 2020 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
Global M&A – June 2020
June 2020 deal count compared to historical benchmarks
June 2020 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
Global M&A – May 2020
May 2020 deal count compared to historical benchmarks
May 2020 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals))
Global M&A – April 2020
April 2020 deal count compared to historical benchmarks
April 2020 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals))
Quarterly M&A regional deal spend and global count (adjusted to exclude US$50m+ megadeals)
Global M&A – Q1 2020
Global M&A – February 2020
February 2020 deal count compared to historical benchmarks
February 2020 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
Deal Announcements - January 2020
January 2020 deal count compared to historical benchmarks
January 2020 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
Q4 2020 deal count compared to historical benchmarks
Q4 2020 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
Q3 2020 deal count compared to historical benchmarks
Q3 2020 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
Q1 2020 deal count compared to historical benchmarks
Q1 2020 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)