Sub-Saharan Africa upstream M&A: what could be sold?

The energy transition will push many companies to prioritise investments on low emissions intensity upstream projects leaving non-core assets in Sub-Saharan Africa available for sale. We expect the majors to also focus on their advantaged assets and those resilient to oil price crashes. While there are many divestment candidates in the region, few buyers are able to finance a transaction. This report presents our view of strategic drivers for selling, the M&A opportunities in the region and potential acquirers for the asset types available.