It was another subdued month for upstream M&A, as deal flow fell to its lowest level since March 2015. Spend increased on last month, which had been one of the lowest monthly totals recorded, but remained below historical averages. There were some highlights in May, with Russia the focal point. Total entered Arctic LNG-2, acquiring 10% in the project from NOVATEK. Mubadala was also active in Russia, continuing its overseas expansion with the acquisition of a stake in Gazpromneft-Vostok. This Insight contains a snapshot of high level trends in the upstream M&A market, and a summary of major deal activity – both announced and rumoured – during May 2018. In this M&A monthly market update: a review of upstream M&A trends; a summary of the month’s biggest announced deals; commentary on the current Deal Pipeline (potential/rumoured deals).