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Global upstream M&A in brief: 2021 archive

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12 January 2022

Global upstream M&A in brief: 2021 archive

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.

Table of contents

  • Regional activity
  • Aker BP buys Lundin Energy to create 'super' Norwegian independent
  • Cenovus sells Tucker oil sands asset for Cdn$800 million
  • ExxonMobil, Petronas sell Chad and Cameroon to Savannah
  • Centrica-owned Spirit Energy exits Norway to Sval Energi
  • BP and SOCAR part pre-empt LUKOIL’s US$2.25 billion Shah Deniz deal with PETRONAS
  • ConocoPhillips swaps Indonesian gas for Australian LNG
  • JERA buys into high emissions Barossa gas project
  • Mitsui consolidates ownership of MOECO
  • BP acquires JX Nippon’s interests in the Andrew Area
  • PE-backed NEO Energy strikes again as JX Nippon exits the UK
  • Regional activity
  • Deal Pipeline:Neptune requests takeover bids and Lundin mulls over potential sale
  • Equinor exits Ireland
  • JX Nippon exits UK upstream
  • ConocoPhillips and TotalEnergies acquire Hess' stake in Libya's Waha concessions
  • Paloma buys out Goodrich for US$480 million
  • GeoPark divests all operated blocks in Argentina
  • Neptune Energy offloads non-core asset stakes to M Vest and OKEA in Norway for US$35 million
  • Delek-owned Ithaca acquires Marubeni's UK portfolio
  • Aker and BP sell 5% in Aker BP through private placement
  • Tullow increases Ghana interest
  • Glencore finally agrees to sell its Chad assets to Perenco
  • Southwestern double-dips into the Haynesville
  • Continental enters the Permian with US$3.25 billion Pioneer deal
  • Regional activity
  • Lundin acquires OMV’s 25% interest in Wisting in the Norwegian Barents Sea
  • Deal Pipeline: Shell and ExxonMobil’s NAM JV to offload non-core Netherlands fields
  • ExxonMobil agrees terms with Romgaz to sell its stake in Romania’s giant Neptun Deep project
  • EIG buys 10% of APLNG from Origin
  • Deal Pipeline: Posco makes US$626 million takeover bid for Senex
  • Oxy sells Ghana assets for US$750 million
  • SilverBow bolts on its largest Eagle Ford acquisition yet
  • PETRONAS sells Shah Deniz stake to LUKOIL for US$2.25 billion
  • Comstock swaps oil for gas
  • Deal Pipeline: ExxonMobil to exit its Nigerian shallow water JV
  • Q3 2021 quarterly review
  • Deal Pipeline: Harbour Energy explores options to exit the Sea Lion project
  • ConocoPhillips buys Shell's Permian position for US$9.5 billion
  • Deal Pipeline: Neptune looking to Harbour for exit?
  • Deal Pipeline: Chevron selling Eagle Ford assets
  • Delek Drilling sells its remaining stake in Tamar to Mubadala
  • Deal Pipeline: TAQA to sell oil and gas assets?
  • Regional activity
  • Repsol exits Vietnam
  • Woodside and BHP agree to merge oil and gas businesses
  • SilverBow makes another Eagle Ford move
  • Chesapeake acquires Vine Energy
  • Santos and Oil Search merge to create Australia's new leading E&P
  • Callon picks up Permian private player Primexx
  • Regional activity
  • Lime Rock acquires Loving County assets
  • Equinor agrees swap deal with PE-backed Wellesley Petroleum in Norway
  • Whiting consolidating into Williston
  • Santos proposes Oil Search merger
  • PennVirginiatoacquire Lonestar
  • Déjà vu as TotalEnergies exits Kurdistan for the second time
  • Compañía General de Combustibles (CGC) acquires Sinopec Argentina
  • LUKOIL acquires in Mexico in the country’s largest upstream deal
  • Shell pre-empts Tailwind’s Shearwater deal
  • Petrobras successfully divests Polo Alagoas to Petromais
  • Global M&A: H1 2021 highlights
  • Regional activity
  • Petrobras successfully divests Polo Alagoas to Petromais
  • Shell extends its position in Vaca Muerta's black oil window
    • 11 June 2021
  • Oxy divests non-core Permian acreage for US$508 million
  • Rosneft sells a further 5% in Vostok Oil
  • Colgate acts fast acquiring more Permian assets
  • KKR's Independence goes public with a deal to do more deals
  • Deal Pipeline:Savannah Energy in exclusive talks to acquire ExxonMobil’s Chad & Cameroon businesses
  • Repsol high-grades in South-Eastern Asia
  • More L48 shale gas consolidation as SWN steps out from northeast
    • Regional activity
  • Cimarex and Cabot combine in merger of equals
  • Cue Energy and NZOG enter Australia’s Northern Territory
  • Mercuria-backed Tailwind buys Shearwater stake from BP
  • Oasis exits the Permian
  • Shell exits Philippines with sale of Malampaya gas fields
  • Eni and BP consider merging their Angolan portfolios
    • 19 May 2021
  • Repsol retreats from Russia
  • Bonanza Creek–Extraction merger creates new DJ Basin giant
  • Laredo acquires more Howard County acreage, sells legacy assets
  • EQT continues its Marcellus consolidation with US$3 billion Alta takeover
  • Oasis buys Bakken assets from Diamondback
  • Deal Pipeline: Chesapeake selling Eagle Ford?
  • Vitol's Vencer makes Permian splash with Hunt Oil acreage
    • Regional activity
  • EnQuest snaps up Bentley - one of the UK’s heaviest oil fields - from Whalsay Energy
  • Dana Gas’ sale of Egyptian assets falls through
  • Deal Pipeline: Mubadala to acquire Delek Drilling’s stake in Tamar
  • EOG buzzes in to Australia for Melbana's Beehive
  • Second farm-out agreement falls through at Ireland’s Barryroe oil field
  • Tamarack Valley acquires Anegada Oil Corp
  • Hess trims its Bakken position
  • Romgaz submits sole bid for ExxonMobil’s stake in Romania’s giant Neptun Deep project
  • Tailwind Energy acquires Decipher Energy in sixth UK deal of 2021
    • 5 April 2021
    • Regional activity
  • PGNiG strikes again as INEOS exits Norway for US$615 million
  • Ovintiv sells Eagle Ford asset for US$880 million
  • Kistos enters Dutch upstream with maiden acquisition of Tulip Oil
  • UK private equity consolidation sees NEO acquire Zennor for US$625 million
  • Cairn sells UK assets to Waldorf
  • Shell sells assets in Egypt’s Western Desert to Cairn and Cheiron
  • Eni exits Pakistan
    • Regional activity
  • ExxonMobil sells UK asset package for more than US$1 billion
  • Continental added PRB acreage
  • LUKOIL pushes hard for Sangomar position with bid for FAR
  • Shell and Ovintiv each exit Duvernay
  • Spartan continues Canadian expansion
  • Equinor backs out of the Bakken
  • DNO acquires ExxonMobil’s stake in the Baeshiqa license, Kurdistan
  • Panoro Energy acquires Tullow Oil assets in Equatorial Guinea and Gabon
  • EnQuest buys Suncor's stake in Golden Eagle Area for US$325 million
  • Surge grabs Grenadier and expands its Permian position
  • KNOC set to sell North Sea asset package
  • BP sells 20% stake in Khazzan: desperate times call for desperate measures
  • ExxonMobil and Chevron reportedly held merger talks early last year
  • Regional activity
  • Beach buys Mitsui's Bass Basin interests
  • Deal Pipeline: NEO in exclusive UK talks with ExxonMobil
  • Heirs Holdings buys stake OML 17 (Nigeria) from Majors

Tables and charts

This report includes 44 images and tables including:

  • December 2021 deal count compared to historical benchmarks
  • December 2021 deal spend compared to historical benchmarks
  • Santos Barossa capital expenditure profile
  • Global M&A - November 2021
  • November 2021 deal count compared to historical benchmarks
  • November 2021 2021 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
  • Global M&A – October 2021
  • October 2021 deal count compared to historical benchmarks
  • October 2021 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
  • NAM Netherlands assets up for sale
  • Posco and Senex combined production outlook by country
  • Kosmos Energy cashflow impact
  • ExxonMobil JV net resources
  • Global M&A: Q3 2021
  • Q3 2021 deal count compared to historical benchmarks
  • Q3 2021 deal spend compared to historical benchmarks
  • Taqa top fields by NPV10
  • Global M&A – August 2021
  • August 2021 deal count compared to historical benchmarks
  • August 2021 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
  • Global M&A – July 2021
  • July 2021 deal count compared to historical benchmarks
  • July 2021 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
  • M&A H1 2021 deal count by region
  • Global M&A - June 2021
  • June 2021 deal count compared to historical benchmarks
  • June 2021 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
  • Well performance comparison for offset wells
  • Global M&A – May 2021
  • Global M&A – April 2021
  • Global M&A – Q1 2021
  • Global M&A – February 2021
  • Global M&A – January 2021
  • January 2021 deal count compared to historical benchmarks
  • January 2021 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
  • May 2021 deal count compared to historical benchmarks
  • May 2021 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
  • April 2021 deal count compared to historical benchmarks
  • April 2021 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
  • Q1 2021 deal count compared to historical benchmarks
  • Q1 2021 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
  • February 2021 deal count compared to historical benchmarks
  • February 2021 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)

What's included

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  • Document

    Global upstream M&A in brief: 2021 archive

    PDF 4.79 MB

  • Document

    DOWNLOAD Monthly Market Update December 2021.xlsm

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