In the wake of the 2020 oil price crash, Middle East upstream deal activity fell to a low point. But 2021 started big on 1 February, when BP announced it had agreed to sell a 20% stake in its giant Khazzan gas field to PTTEP for US$2.45 billion, the region’s biggest single-asset upstream deal in more than a decade. We estimate another US$8.6 billion of upstream assets are on the market or rumoured to be for sale or farm-down across the Middle East. We hold a further US$8.4 billion of assets as speculative candidates for divestment as corporate strategies evolve to a changing industry outlook. This report presents the M&A trends in the region, the strategic rationale behind deals and a snapshot of assets which are up for sale or rumoured to be.