Global upstream M&A in brief: 2023 archive

Table of contents

• Regional activity
• QatarEnergy sells non-core assets in Brazil to Enauta
• Equinor exits Azerbaijan
• Harbour and Wintershall Dea combine
• Haynesville player Rockcliff sold for US$2.7 billion
• Deal Pipeline: Santos and Woodside confirm A$80 billion merger talks
• Deal Pipeline: OMV splits Sapura and New Zealand asset sale
• Regional activity
• Equinor exits Nigeria
• Deal Pipeline: Occidental reportedly in negotiations to buy CrownRock
• Serica Energy to acquire 30% stake in Greater Buchan Area licences
• Deal Pipeline: INPEX to sell Eridu stake in Iraq’s Block 10 to LUKOIL
• Orlen bulks up as KUFPEC exits Norway
• Karoon Energy steps into the US GoM
• ExxonMobil exits West Qurna-1 in Iraq
• Crescent Point acquires Hammerhead for US$1.9 billion
• Deal Pipeline: who will acquire a 20% interest in Rosebank from Equinor?
• Lime Petroleum acquires stake in Brasse field, Norway
• Regional activity
• Big Oil: upstream M&A gets serious
• Chevron acquires Hess: the US angle
• Chevron acquires Hess: the Latin America angle
• Chevron acquires Hess: the Asia angle
• Chevron crashes Megamajor party with Hess deal
• Pioneer comparisons to ExxonMobil’s XTO
• Deal Pipeline: a Chesapeake and Southwestern gas union?
• Tourmaline solidifies Deep Basin position with acquisition of Bonavista Energy
• ExxonMobil to acquire Pioneer for US$64.5 billion
• Deal Pipeline: WSJ reports ExxonMobil close to Pioneer deal
• Civitas announces second Permian deal in less than four months
• TotalEnergies sells its Fort Hills mine interest to Suncor for US$1.07 billion
• Q3 2023 review
• Regional activity
• Saudi Aramco enters global LNG business by acquiring stake in MidOcean Energy
• PETRONAS partners with TotalEnergies in Angola
• Deal Pipeline: Equinor readies to exit Nigeria
• KUFPEC farms into Shell’s North El Amriya block offshore Egypt
• OQ divests 40% in Blocks 60 and 48
• Ithaca Energy takes sole ownership of Cambo
• Deal Pipeline: Shell and ExxonMobil in talks to sell Dutch JV NAM
• Repsol exits the Canadian upstream sector
• Magnolia growing in Giddings
• Eni agrees to sell its Nigerian onshore subsidiary to partner Oando
• Santos revises terms of PNG LNG sell-down to Kumul Petroleum
• Deal Pipeline: Déjà vu as SDX Energy eyes second Egypt exit
• Regional activity
• INPEX and TotalEnergies expand Australia gas footprint
• Permian Resources acquires Earthstone for US$4.5 billion
• Chesapeake completes its Eagle Ford exit
• Maurel & Prom to acquire Assala Energy in Gabon
• More M&A onshore Western Australia
• Harbour exits Vietnam
• LNG Japan buys 10% of Woodside's Scarborough
• ADNOC acquires 30% in Absheron gas field from SOCAR and TotalEnergies
• Strathcona Resources to go public through Pipestone acquisition
• Regional activity
• Eni buys IDD stake from Chevron, boosts Indonesian gas options
• PERTAMINA, PETRONAS buy Shell's Abadi LNG stake
• Afentra strengthens position in Angola with Azule Energy deal
• ExxonMobil to acquire Denbury
• Deal Pipeline: PETRONAS intends to exit Gharraf in Iraq
• Longboat Energy picks up stakes in Statfjord Øst and Sygna from INPEX
• Regional activity
• Perenco acquires Eni Congo oil assets
• Eni and Vår Energi carve up Neptune in US$4.9 billion deal
• Civitas expands to the Permian
• Lundin family returns to the Norwegian Continental Shelf
• Earthstone continues consolidation march
• Deal Pipeline: Sound Energy in talks with Calvalley Petroleum for Moroccan Farm-down
• Deal Pipeline: Harbour and Talos in merger discussions. A Lens snapshot
• Deal Pipeline: Eni increases offer to buy Neptune Energy? A Lens snapshot
• JX Nippon buys small stake in Papua LNG
• Regional activity
• ConocoPhillips pre-empts Suncor's Surmont acquisition
• Chevron acquires PDC Energy for US$7.6 billion
• Chord furthers Bakken consolidation
• Deal Pipeline: KUFPEC eyes Norway exit
• A Vital lifeline through M&A
• Shell formally announces exit from Cambo
• Double deals turn Callon into a pure play
• Longboat Energy and JAPEX form new Norwegian joint venture
• Regional activity
• Repsol to acquire remaining 49% of Repsol Sinopec Resources UK
• Shell sells stake in Browse to BP
• Tullow Oil and Perenco Gabon sign asset swap agreement
• TotalEnergies exits Canada with oil sands sale to Suncor
• Panoro Energy acquires sole ownership of its Tunisian business
• Kistos enters Norway with US$1 Mime Petroleum takeover
• Aker Energy acquired by Africa Finance Corporation
• NOVATEK gets the green light to acquire Shell’s stake in Sakhalin-2
• Deal Pipeline: considering an ExxonMobil-Pioneer Natural Resources tie-up
• NEO Energy picks up stake in Greater Buchan Area
• RockRose Energy to farm-in to gas redevelopment project in the UK’s Southern Gas Basin
• Ovintiv buys three EnCap companies in Permian, sells Bakken assets
• Vermilion Energy closes acquisition of Equinor’s 36.5% Corrib stake in Ireland
• Q1 2023 review
• Regional activity
• Spartan Delta sells Montney assets to Crescent Point US$1.2 billion
• TAQA terminates the sale of its Dutch assets to Waldorf Production
• BP and ADNOC offer to buy 50% of Israel's NewMed Energy
• EIG & Brookfield confirm Origin offer; ConocoPhillips joins party
• Equinor sells down Statfjord Area to OKEA for US$220 million
• Prax to enter upstream via acquisition of UK-based Hurricane Energy
• Deal Pipeline: Eni selling its onshore Nigerian JV
• Equinor doubles down on pre-FID oil
• TotalEnergies acquires CEPSA’s UAE assets
• Regional activity
• Deal Pipeline: OMV puts Asia-Pacific assets up for sale
• Vista Energy decides to narrow its focus to unconventional developments
• Baytex acquires Ranger for US$2.5 billion
• Chesapeake sells second Eagle Ford package for US$1.4 billion
• CPC buys 10% stake in Dorado, Pavo oil fields
• Capricorn and NewMed terminate merger
• Somoil continues shopping spree with Galp's Angolan assets
• Chevron exits Myanmar
• Hancock takes control of Warrego
• INPEX’s Eagle Ford project flies over to Repsol
• Regional activity
• Global upstream M&A: 2022 review
• Activists successful in overhauling Capricorn board
• Deal Pipeline: Equinor seeks a buyer for Agbami-Ekoli in Nigeria
• Chesapeake’s return to a gas-only portfolioalmost complete
• Jadestone Energy expands into Thailand
• Capricorn merger with NewMed set for shareholder vote
• Deal Pipeline: Equinor rumoured to be buying Suncor's UK upstream business
• Apex acquires Eni’s producing Western Desert blocks
• Traders exit Rosneft’s Vostok project
• Zenith Energy signs SPA to acquire OMV Yemen

Tables and charts

This report includes 87 images and tables including:

• December 2023 deal count compared to historical benchmarks
• December 2023 deal spend compared to historical benchmarks (excludes US$50bn+ megadeals)

What's included

This report contains:

• DOWNLOAD Monthly Market Update December 2023.xlsm

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