Jonathan Cutrer
In 2025, the total value of global upstream M&A deals reached $170 billion, with the number of deals dropping by 12% to 466. North America was responsible for about 66% of all these deals, though activity in this region has been declining. On the other hand, M&A activity increased in Asia and South America during 2025.
The report highlights several factors that contributed to the growth in M&A activity last year. These included consolidation within the North American shale sector, increased investment in LNG projects in the US and Argentina, and the spin-off of assets by major companies in Asia and the UK, which led to the formation of regional joint ventures.
Rystad analysts estimate that there will be M&A opportunities in the sector valued at around $152 billion this year. Atul Raina, Rystad's vice president for oil and gas M&A, says, "We expect North America to remain the main driver of activity in 2026, fueled by a new phase of 'mergers of equals' among smaller and mid-sized US shale producers listed on the stock market."
Meanwhile, the report indicates that the outlook for the sector in other regions is uncertain.
source: reuters.com
The report highlights several factors that contributed to the growth in M&A activity last year. These included consolidation within the North American shale sector, increased investment in LNG projects in the US and Argentina, and the spin-off of assets by major companies in Asia and the UK, which led to the formation of regional joint ventures.
Rystad analysts estimate that there will be M&A opportunities in the sector valued at around $152 billion this year. Atul Raina, Rystad's vice president for oil and gas M&A, says, "We expect North America to remain the main driver of activity in 2026, fueled by a new phase of 'mergers of equals' among smaller and mid-sized US shale producers listed on the stock market."
Meanwhile, the report indicates that the outlook for the sector in other regions is uncertain.
source: reuters.com
