APAC Q4 2024 M&A Quarterly | Chevron-Woodside Energy asset swap closes a vibrant gas-dominated M&A year
The year saw 18 deals announced with a total published consideration of US$4.5 billion. In comparison, 2023 had 26 deals…
Energy Transition | How cancelling Jackdaw and Rosebank will increase the UK’s emissions
A Scottish court has ruled that the approvals for the Rosebank and Jackdaw oil and gas fields were unlawful due…
Welligence | Weekly Quick Takes
This report provides our clients with access to the key postings on our LinkedIn page. It is regularly updated, with…
Nigeria Rumblings on the Ground | A resurgence for Nigeria’s upstream?
Welligence recently visited Lagos & Abuja in Nigeria to meet with key stakeholders in the O&G sector to gauge the…
Sub-Saharan Africa Q4 2024 M&A Quarterly | A tame finish to the year — can SSA’s leading producers propel M&A forward in 2025?
Sub-Saharan Africa saw a slow close to last quarter with just two deals, a stark contrast to the strong momentum…
Colombia M&A | Maurel & Prom balances up portfolio with US$150 million gas deal in Colombia
Maurel & Prom (M&P) is to acquire a 40% operational stake in the SN-9 gas project from NG Energy for…
UAE Development | Abu Dhabi to start reaping the rewards from its 2018 and 2019 bid rounds
In April 2018, ADNOC launched the first competitive bid round for new oil and gas licenses in the emirates’ history,…
Welligence Corporate | Introducing our 2025 E&P capex guidance
Welligence is pleased to announce the capex guidance tracker has been updated to reflect recent capex guidance announcements for 2025….
MENA Q4 2024 M&A Quarterly | Just one transaction as deal activity remains muted
Only one M&A deal was announced in Q4 2024 in the MENA region. PTTEP is to acquire ENGIE’s interest in…
Welligence Norway Licensing | Licence awards return to five-year average in APA 2024
On 14 January 2025, the Norwegian Offshore Directorate (NOD) announced the award of 53 production licences to 20 companies as…
Welligence Brazil | Seacrest’s bankruptcy and what it means for Brazil’s independents
On 15 January 2025, Seacrest announced that the lenders of its US$300 million debt had unilaterally taken control of the…
Colombia M&A | Pre-emptive rights prevent GeoPark from acquiring Repsol’s Colombia portfolio
GeoPark’s planned acquisition of Repsol’s Colombia portfolio has been undone by the existing partners in the assets exercising their pre-emption…
Welligence North America Q4 M&A Quarterly | INEOS makes US GoM debut, Chevron moves forward with multi-billion dollar divestment program
Four deals were announced in Q4 2024: two in Alaska, one in the US Gulf of Mexico (GoM), and one…
Energy Transition | 2025 and Beyond: How are strategic decisions by Majors shaping the upstream transition?
The demand for oil & gas has proven to be more resilient than previously anticipated. This shift has already led…
Welligence Latin America Q4 2024 M&A Report | Deal-making slows down, but new activity is imminent
The year saw 26 deals announced in Latin America, compared to 16 in 2023. Activity was primarily driven by Argentina,…
Welligence MENA | What do the MENA upstream highlights of 2024 reveal about 2025?
In 2024, oil and condensate production from the region averaged 33 million bbl/d, approximately 32% of global oil supply. OPEC…
Welligence Egypt | ExxonMobil strikes gas offshore Egypt
ExxonMobil’s Nefertari-1 exploration well has struck gas offshore Egypt, according to early reports. No official announcements have been made yet….
Vietnam Rumblings on the Ground | Upstream sees optimism and growth
The Welligence team recently visited Ho Chi Minh City in Vietnam. We met with key industry stakeholders to gauge Vietnam’s…
Welligence Europe Q4 2024 M&A Report | UK M&A returns, but Norway stays muted
Deal activity in the UK and Norway, which continue to dominate the upstream M&A landscape in Europe, reduced by 38%…
Welligence US Alaska Licensing | Alaska’s second ANWR Coastal Plain Lease Sale fails to attract bids
The Department of the Interior announced that the Bureau of Land Management (BLM) received no bids for the congressionally mandated…
Welligence CCUS | EPA Approves First Permit for Onshore Carbon Capture and Storage in California
California Resources Corporation (CRC) secured the first-ever Class VI permit from the Environmental Protection Agency (EPA) for the underground injection…
Australia M&A | Chevron and Woodside Energy consolidate their Australian interests
On 19 December 2024, Chevron and Woodside agreed to an asset swap deal (with a cash component), allowing each company…
Algeria M&A | PTTEP acquires ENGIE’s interest in the Touat gas fields in Algeria
On 20 December 2024, PTTEP’s acquisition of ENGIE’s stake in the Touat gas project in Algeria was announced. No consideration…
Argentina M&A | Pluspetrol strengthens Vaca Muerta portfolio with acquisition from ExxonMobil/QatarEnergy
On 16 December 2024, Pluspetrol announced the acquisition of operated and non-operated stakes in six Vaca Muerta blocks from ExxonMobil…
US GoM M&A | INEOS makes US Gulf of Mexico debut with acquisition of CNOOC portfolio
On 14 December 2024, INEOS announced the acquisition of CNOOC’s US Gulf of Mexico portfolio for an undisclosed consideration….
Trinidad & Tobago M&A | Touchstone Exploration expands gas business with acquisition from Shell
On 13 December 2024, Touchstone Exploration entered into an agreement with Shell to acquire the onshore Central Block for US$23…
UK M&A | Serica acquires Parkmead’s UK business
On 12 December, Serica Energy agreed to acquire Parkmead’s UK business, comprising a 50% interest in the undeveloped Fynn/Beauly discovery…
Argentina Rumblings on the Ground | is a bullish outlook reasonable?
Welligence recently visited Buenos Aires, Argentina to meet with key stakeholders in the O&G sector to gauge the overall upstream…
Global M&A | Kosmos in talks to acquire Tullow
On 12 December 2024, it was confirmed that Kosmos Energy is in preliminary talks to take over Tullow Oil in…
Welligence | Weekly Quick Takes
This report provides our clients with access to the key postings on our LinkedIn page. It is regularly updated, with…
Welligence Global | Looking ahead to 2025 – 5 trends shaping the next 12 months
How will the energy sector evolve in 2025? Our latest report highlights five pivotal themes that could shape the landscape…
Welligence US Alaska Licensing | Positive results in latest Alaska bid round, and a potential surprise
On December 11, the Alaska Department of Natural Resources (DNR) announced the results of its 2024 Northern Alaska bid round….
Welligence Australia | Australian gas/LNG shortfalls: Beetaloo to the rescue?
The Beetaloo Basin’s vast onshore shale gas resources offer a unique opportunity to address southeastern Australia’s looming LNG import needs…
Welligence CCUS | Green lights for North Sea CCS: pioneer projects get the go-ahead in the UK and Denmark
On 10 December 2024, the UK and Denmark announced Final Investment Decisions (FIDs) for key carbon capture, and storage (CCS)…
UK M&A | Equinor and Shell join forces, creating the largest UK E&P
On 5 December 2024, Equinor and Shell agreed to combine their UK subsidiaries into a joint venture to be owned…
UK Corporate Strategy | Apache exiting the North Sea – the tip of the iceberg?
Apache is planning to prematurely cease production at its two operated hubs, Beryl and Forties, and exit the UK North…
Colombia M&A | GeoPark to acquire Repsol’s Colombia portfolio for US$530 million
On 29 November 2024, GeoPark announced an offer to acquire Repsol’s Colombia portfolio for US$530 million. The portfolio comprises non-operating…
Norway M&A | Equinor acquires Sval Energi’s Halten Øst interest
On 7 November 2024, Equinor announced it had acquired Sval Energi’s 11.8% interest in the Halten Øst development for an…
APGCE 2024 Rumblings on the Ground | Malaysia E&P successfully adapts to Sarawak’s uncertainty
The Welligence team recently attended the Asia Petroleum Geoscience Conference & Exhibition (APGCE 2024) in Kuala Lumpur. The event was…
Welligence US GoM Benchmarking | Benchmarking the independents – who is set for growth?
The US Gulf of Mexico (US GoM) is home to a vibrant pool of independents. In our latest note, we…
Welligence | Weekly Quick Takes
This report provides our clients with access to the key postings on our LinkedIn page. It is regularly updated, with…
Welligence Senegal | Beyond the first barrels: what’s next for Senegal?
This has been a pivotal year for Senegal – it became an oil producer in June with the start-up of…
Brazil Rumblings on the Ground | Brazilian upstream market: evolution or regression?
Welligence recently visited Rio de Janeiro, Brazil, to meet with key stakeholders in the O&G sector to gauge the overall…
Welligence US Alaska Licensing | Northern Alaska DNR lease sale begins: what’s on offer and who’s interested?
The Alaska Department of Natural Resources (DNR) has initiated its competitive oil and gas lease sale for the Beaufort Sea,…
Welligence GHG | Navigating a Potential Emissions Cap for Canada’s Oil Sands
Canada’s oil sands have long been a key economic driver in the Alberta region and in Canada, contributing US$209 billion…
ADIPEC 2024 Rumblings on the Ground | Upstream developments back on top in the MENA region, while CCS is poised to pick up
The Welligence team attended last week’s ADIPEC 2024 conference in Abu Dhabi, the largest energy conference in the world, to…
AEW 2024 Rumblings on the Ground | Moving beyond the rhetoric
The Welligence team attended the 4th African Energy Week (AEW) in Cape Town, South Africa.The packed agenda covered M&A, new…
Welligence Nigeria | Is Nigeria’s oil growth target realistic?
The Nigerian government recently launched an initiative to increase the country’s oil production by a million barrels per day in…
Welligence Canada Licensing | Canada’s latest offshore bid round is a dud – the beginning of the end?
On 6th November, the regulator of Labrador and Newfoundland (C-NLOPB) announced that no bids were placed in its 2024 bid…
Welligence Brazil | Brazil’s long-term production challenge
We forecast strong oil production growth in the medium-term, with output peaking at over 5 million bbl/d in 2031 –…
Welligence GHG | Electrification in Permian Moves Forward as Demand Surges in the ERCOT Grid
The Permian basin, while a prolific oil and gas region, currently has an upstream emissions intensity of 15.8 kgCO2e/boe, falling…
Welligence North Africa and the East Med Gas | Is the region poised for growth?
Gas focussed exploration and development activity is due to increase with the Majors starting exploration campaigns and making decisions on…
Welligence Canada Licensing | Is there appetite for Canada’s latest offshore bid round?
The latest bid round for acreage offshore Canada is set to close on 6th November. Launched by the provincial oil &…
Singapore International Energy Week: Doubling down on gas | Why the world needs a realistic energy transition plan
Welligence attended this year’s edition of the Singapore International Energy Week (SIEW), from 21-25 October 2024. Notable speakers and guests included Aramco’s CEO…
APAC Q3 2024 M&A Quarterly | Gas continues underpinning APAC deal-making
In Q3 2024 saw six announced deals, five upstream and one for an LNG liquefaction stake across Malaysia, East Timor…
Rumblings on the Ground Southeast Asia | Southeast Asia’s upstream rejuvenation continues
Welligence executives recently visited several Southeast Asian countries. We met with key industry stakeholders to gauge the region’s energy outlook…
Sub-Saharan Africa Q3 2024 M&A Quarterly | Deal-making slows but SSA still on track for robust year of M&A
Last quarter saw just one deal in Sub-Saharan Africa, marking a slowdown from the first half of 2024. Despite that,…
North Africa Benchmarking | Balancing the barrels (part 2): How do North Africa’s fiscal regimes stack up?
Following on from our study on the impact of fiscal policies on Middle Eastern oil finds, published in August, Welligence…
Welligence North America Q3 M&A Quarterly | Chevron’s divestment program headlines deal-making
A single deal was announced in Q3 2024, marking another quiet quarter and well below the activity seen in Q4…
Welligence MENA Q3 2024 M&A Report | Roc Oil enters MENA, but overall deal activity muted
It was a quiet quarter with just two transactions: Roc Oil’s takeover of Tethys Oil, which concludes the Swedish independent’s…
Welligence Mexico Corporate | Debunking the myth: why Pemex’s future depends on portfolio optimization, not fiscal reform
Pemex’s fiscal regime is more favorable than often perceived, with its higher fixed profit share compensating for cost recovery limitations…
Latin America Q3 2024 M&A Quarterly | Uptick in deal activity driven by YPF’s portfolio optimization
Out of the 13 deals announced in Q3 2024, ten occurred in Argentina, one in Brazil, one in Trinidad and…
Welligence Global Benchmarking | Benchmarking the Majors’ deepwater portfolios – who is well positioned for the long-term?
Deepwater is a core part of the upstream playbook for the Majors, even in a low-carbon future. On average,…
US Alaska M&A | ConocoPhillips consolidates Alaska portfolio by acquiring Chevron’s stakes in certain fields
In October 2024, ConocoPhillips announced the acquisition of a package of assets in Alaska from Chevron for US$300 million…
Welligence Europe Q3 2024 M&A Report | Deal activity wanes again
Three deals were announced in Q3 2024, reduction on the nine in Q2, with one deal apiece in the UK,…
Welligence GHG | The overlooked environmental impacts of offshore tiebacks
Our analysis indicates that Jackdaw’s updated development plan has not only led to a 19.62% decrease in valuation, but it…
Norway Rumblings on the Ground | M&A market fails to ramp up but opportunities remain
Welligence recently attended ONS in Stavanger and subsequently visited Oslo to meet with key stakeholders in the O&G sector to…
Brazil M&A | PRIO set to become LatAm’s largest public independent producer
On 27 September 2024, PRIO announced the acquisition of Sinochem’s Brazilian subsidiary, which holds a 40% non-operated stake in the…
Welligence Mexico M&A | PTTEP exits Mexico with Chinwol-Polok divestment to Repsol
On 20 September 2024, PTTEP announced the sale of its 16.67% stake in the Chinwol-Polok asset, located in Block 29,…
Norway M&A| Lime Petroleum acquires OKEA’s Yme interest
On 23 September 2024, Lime Petroleum acquired OKEA’s 15% interest in the Yme field for US$15.65 million. Lime Petroleum will…
Trinidad & Tobago | Ballot boxes and Venezuela – the outlook for Trinidad’s gas sector
The Welligence team recently spent a week in Trinidad and Tobago meeting with upstream companies, government officials, and key stakeholders…
Oman M&A | ROC Oil makes MENA debut in Oman with US$185 million Tethys Oil acquisition
On 13 September 2024, ROC Oil announced a US$185 million cash offer to acquire Tethys Oil including its 30% interest…
Argentina M&A | YPF kicks off sales program as local independents snap up packages
YPF has signed contracts for nine of the eleven clusters available in its “Project Andes” divestment program. The details of…
UK | Understanding tax loss positions with the Welligence platform
The UK fiscal system is one of the most complex globally, with numerous changes to taxation since drilling commenced in…
Rumblings on the Ground | West Africa Energy Summit – Elevating the energy security conversation in the region
The Welligence team attended the inaugural West African Energy Summit (WAES), in Accra, Ghana. The primary objective of WAES is…
US GoM Development | Chevron’s Anchor development kicks off the 20k era
First oil from Chevron’s Anchor development (12 August 2024) marks a couple of important milestones – not only is it…
Colombia Rumblings on the Ground | Colombia’s upstream: challenges and emerging opportunities
The Welligence team recently spent a week in Colombia meeting with upstream and midstream companies, government officials, and key stakeholders…
Welligence MENA | The Majors in the Middle East and North Africa – recent business development and what next?
The MENA region will continue to be of key importance to the Majors throughout this decade and into the next….
New Zealand pivots on exploration ban and LNG imports
New Zealand’s government has announced plans to reverse the 2018 ban on offshore oil and gas exploration and take urgent…
Welligence CCUS | Can CCS secure a long-term future for coal?
In April 2024, The Environmental Protection Agency (EPA), under Section 111 of the Clean Air Act, defined new standards to…
Welligence GHG | Scope 3 Emissions in Context: Governments in Europe Crack Down on Upstream
Scope 3 emissions have, until recently, taken a backseat to Scope 1 and 2 emissions when analyzing the environmental effects…
Welligence Middle East | Israel’s gas production, exports, and investment growing, against a backdrop of heightened geopolitical risk
In August, Welligence held meetings with stakeholders in the Israel upstream sector to discuss key issues and what to expect…
Welligence Middle East | Balancing the barrels: The impact of fiscal policies on Middle Eastern oil finds
Welligence Energy Analytics has modelled a representative oil field under the fiscal regimes of select Middle Eastern countries; Iraq, the…
UK M&A | RockRose agrees to acquire Shell and ExxonMobil’s SNS asset package
On 30 July 2024, RockRose Energy agreed to acquire the interests of both Shell and ExxonMobil in Shell’s operated Southern…
Asia Pacific Q2 2024 M&A Quarterly | Gas centre stage as TotalEnergies drives APAC deal-making
Three deals were announced in Q2 2024, a decline from the five in Q1 2024 and the lowest activity since…
UK Fiscal & Policy | Labour increases EPL – and halts licensing?
On 4 July, the Labour party won the UK general election, ending the Conservative party’s 14-year tenure. This was followed…
Venezuela Politics | Maduro claims victory in controversial presidential election
On 28 July 2024, Venezuela held its presidential election in which incumbent President Nicolas Maduro sought re-election, running against former…
Netherlands M&A | Tenaz Energy scales with NAM offshore acquisition
On 18 July 2024, Tenaz Energy acquired NAM’s offshore assets for an initial consideration of €165 million (US$180 million). NAM…
Welligence Global FPSO Outlook | Tapping into the idle FPSO fleet in the face of high industry costs and project delays
The demand for FPSOs has been picking up since the market slowdown of 2020/2021. But upstream supply chain tightness…
US GoM M&A | HEQ Deepwater II strengthens portfolio in Deepwater GoM with acquisition from ExxonMobil
In June 2024, HEQ Deepwater II acquired ExxonMobil’s 22.5% interest in the producing Llano field for an undisclosed amount….
Nigeria M&A | Chappal Energies acquires TotalEnergies’ stake in the SPDC JV, enters Nigerian onshore
On 17 July 2024, TotalEnergies announced it had reached an agreement with Chappal Energies for the sale of its 10%…
Welligence Europe Q2 2024 M&A Report | Norway leads M&A resurgence
Nine deals were announced in Q2 2024, an increase on the single transaction announced in Q1 2024. Of these, six…
Latin America Q2 2024 M&A Quarterly | Consolidation underpins uptick in deal-making
Out of the seven deals announced in Q2 2024, three occurred in Brazil, and one each in Trinidad and Tobago,…
North America Q2 2024 M&A Quarterly | Hilcorp’s latest Alaska deal the highlight of Q2 deal-making
We are pleased to announce the inclusion of Alaska data in this latest M&A quarterly report for North America. Moving…
Sub-Saharan Africa Q2 2024 M&A Quarterly | Deal-making continues, but opportunity pipeline is shrinking
Q2 2024 saw four notable deals in Sub-Saharan Africa, continuing the momentum from 2023 which was the most active year…
Welligence MENA Q2 2024 M&A Report | MENA deal activity increased – second highest transaction count since Q1 2020
Six deals were struck in the MENA region in Q2 2024, which makes it the tied-second busiest quarter for activity…
US GoM Decommissioning | New regulations put spotlight on decommissioning
Safe and timely decommissioning of offshore infrastructure is one of the big challenges faced by the oil & gas sector….
Peru Rumblings on the Ground | Peru’s Energy Paradox: Rich Resources, Risky Landscape
The Welligence team recently spent a week in Peru meeting with upstream and midstream companies, government officials, and key stakeholders…
UK Energy Transition | Promoting UK gas production – a win-win scenario lost in politics
By 2030, UK gas production is set to decline by 59% compared to 2024. Current UK gas demand, around 8…
Brazil M&A | 3R/Enauta/Maha merger creates a leading Latin American independent
On 26 June 2024, the shareholders of 3R Petroleum and Enauta approved the merger of the two companies. Simultaneously, approval…