Global upstream M&A in brief: 2021 archive Report

Insight 12 January 2022

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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.

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
Tourmaline acquires Black Swan
- 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
Colgate buys Luxe's Permian assets as NGP rolls up portfolio companies
- 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
Tourmaline continues Montney shopping spree
- 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
Jadestone enters Malaysia through SapuraOMV's PM assets
- 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
Whitecap Resources expands in Montney with a Cdn$300 million Kicking Horse deal
- 5 April 2021
Q1 2021 quarterly review
- 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
ExxonMobil sold its stake in Lucius and Hadrian North in US Gulf of Mexico
- 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)