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 MENA Q2 2025 M&A Quarterly | One deal struck and one hand-back in a muted quarter
One M&A deal was announced, and one licence withdrawal occurred in Q2 2025 in the MENA region, continuing the low…
Welligence North America Q2 2025 M&A Quarterly | Muted deal activity in Q2 as market caution persists
In Q2 2025, only one small deal was announced, with activity muted due to ongoing market volatility. Last quarter’s drop…
Welligence SSA Q2 2025 M&A Quarterly | Uptick in deal activity with pipeline still focused on Nigeria and Angola into H2 2025
Deal activity gained some momentum in the second quarter of 2025 in Sub-Saharan Africa, with three transactions recorded, one…
Welligence Energy Transition | Quantifying the Advantage: Emissions Lessons from the US L48
The U.S. upstream oil and gas sector, particularly in the US Lower 48 (L48), represents the most diverse upstream ecosystem…
Welligence Malaysia Rumblings on the Ground | Malaysia upstream collaboration shines amid competition and crisis
Welligence recently attended Energy Asia 2025 in Kuala Lumpur, Malaysia, to meet with key stakeholders in the O&G sector and…
Welligence Indonesia M&A | MedcoEnergi to acquire Repsol’s 24% interest in the Corridor PSC for US$425 million
On 26 June 2025, MedcoEnergi announced the acquisition of Repsol’s indirect 24% non-operating interest in the Corridor PSC in South…
Welligence Colombia Rumblings on the Ground | Colombia’s upstream: Trapped in the status quo, searching for a breakout
The Welligence team recently spent a week in Colombia meeting with upstream and midstream companies, government officials, and key stakeholders…
Welligence Europe Q2 2025 M&A Quarterly | A quiet quarter for M&A
Three transactions were announced in Q2 2025, a drop from the five announced in Q1. All three were small…
Welligence Global M&A | Global Upstream deal-making in June 2025 – a summary
Ten transactions were announced in June 2025, broadly in line with the nine in May and the rolling 12-month average….
Welligence Middle East Politics and Infrastructure | The strategic importance of the Strait of Hormuz
Israel and Iran have had no diplomatic relations since the Iranian revolution in 1979. Tensions escalated after Iran backed Hamas…
Welligence Australia Rumblings on the Ground | Monetising gas resources and M&A activity underpin Australia’s E&P
A year after Australia announced its Future Gas Strategy, Welligence met with key industry stakeholders to discuss its impact on…
Brazil Licensing | Brazil’s frontier play heats up as Chevron, CNPC, ExxonMobil, and Petrobras go big in Foz do Amazonas
On 17 June 2025, the ANP awarded 34 of the 172 available blocks across the Santos, Pelotas, Foz do Amazonas,…
Welligence Global Corporate | Exploring the upstream JV/satellite models
The creation of JV companies by European IOCs has been grabbing headlines recently. Will the model continue to gain traction…
Welligence Angola M&A | Afentra and Maurel & Prom acquire etu energia’s stakes in Blocks 3/05 and 3/05A
Afentra and Maurel & Prom have agreed to jointly acquire etu energia’s 10% stake in Block 3/05 and 13.33% stake…
Welligence Indonesia Rumblings on the Ground | Indonesia’s efforts intensify to strengthen energy security and supplies
The Welligence team recently attended the Indonesian Petroleum Association Convex 2025 convention (IPA) in Jakarta and the SEAPEX SEC2025 conference…
Welligence Southeast Asia Rumblings on the Ground | Exploration-led drilling, licensing and farm-ins remain buoyant across Southeast Asia
Welligence recently attended the Southeast Asia Petroleum Exploration Society (SEAPEX) Exploration Conference 2025 (SEC 2025) in Singapore to meet with…
Welligence Global M&A | Santos to fill XRG’s Pacific LNG needs?
A consortium comprising XRG (a subsidiary of ADNOC), Abu Dhabi Development Holding Company (ADQ) and private equity firm Carlyle, has…
Welligence US Alaska Licensing | Hilcorp is sole bidder in Cook Inlet Areawide lease sale
On June 11, the Alaska Department of Natural Resources (DNR) announced the results of its 2025 lease sale for the…
Argentina M&A | Crown Point Energy expands in the conventional sector as YPF, Tecpetrol, and Pampa Energia divest
On 4 June 2025, Crown Point Energy signed contracts with YPF, Pampa Energia, and Tecpetrol to acquire each company’s stake…
Kazakhstan Rumblings on the Ground | Ongoing arbitration clouds significant opportunities
Welligence recently visited Almaty & Astana in Kazakhstan to meet with key stakeholders in the energy sector to gauge the…
Welligence Nigeria M&A | Shell consolidates in OML 118 (Bonga), buys out TotalEnergies for US$510 million
On 29 May 2025, TotalEnergies said it had agreed with Shell to sell its non-operated 12.5% interest in the OML…
Welligence Mexico | Mexico’s fiscal changes: meaningful reform or a half step?
The government of Mexico has introduced two new changes to its fiscal regime. The first is a new tax framework…
UAE M&A | LUKOIL doubles down in Abu Dhabi’s offshore ultra-sour gas project as OMV exits
LUKOIL has doubled its interests in the Ghasha Offshore Ultra Sour concession in Abu Dhabi, but what does that mean…
Welligence M&A | Global upstream deal-making in May 2025 – a summary
There were nine transactions announced in May 2025, up from four in April, and above the rolling 12-month average. CLIENT…
UK Fiscal & Policy | The potential of undeveloped gas discoveries to boost the UK’s energy security
In May 2025, Welligence presented the following analysis at the DEVEX conference in Aberdeen, examining if the remaining undeveloped discoveries…
Thailand Rumblings on the Ground | New entrants and Andaman Sea licensing drives Thai E&P interest
Welligence recently visited Bangkok, Thailand and attended the SEAPEX Exploration Conference in Singapore. We met with key industry stakeholders to…
Turkmenistan M&A | XRG and Hazarnebit acquire equity in Block 1 from PETRONAS in a significant deal for Turkmenistan
PETRONAS has signed a new PSC for Block 1 in Turkmenistan, a large producing gas/condensate project, with XRG (ADNOC) and…
Energy Transition | The EU’s Oil & Gas CCS Mandate: Balancing Ambition with Reality
The EU has passed legislation that obligates 29 leading oil & gas companies to provide a collective 50 MMtpa of…
Welligence Global Fiscal | Global trends in petroleum fiscal terms – a race to the top?
Since the 2014 oil price crash, countries have increasingly competed for limited upstream investment by adopting investor-friendly reforms—driven by declining…
UK M&A | Ithaca Energy increases Cygnus gas field interest
On 20 May 2025, Ithaca Energy announced the acquisition of a 46.25% interest from Spirit Energy in the Southern North…
Welligence Global offshore project execution: What have we learnt so far?
Offshore projects sanctioned between 2019 to 2021 were hit by cost overruns and delays due to Covid restrictions. What is…
Welligence US Gulf of America (GoM) Development | Chevron’s Anchor – 20k era off to strong start with top tier well performance
First oil from Chevron’s Anchor development was achieved in August 2024 with two wells brought online, marking a key milestone…
Africa Energies Summit Rumblings on the Ground | Making African oil and gas great again
The Welligence team joined the 8th Africa Energies Summit in London, attended by governments, oil firms, financiers, and key industry…
Oman Rumblings on the Ground | OPES 2025: LNG expansion, gas divestments and the race for upstream opportunities in Oman
Welligence recently attended the Oman Petroleum and Energy Show in Muscat to meet with key stakeholders in the O&G sector…
Welligence US Alaska Licensing | Will latest lease sale draw interest beyond incumbents?
The Alaska Department of Natural Resources (DNR) has initiated its latest bid round for the Cook Inlet and Alaska Peninsula…
The Race to Power AI Hyperscaling – A New Business for E&Ps
Data center demand across the US is growing exponentially, with ERCOT recently upgrading its 2030 demand forecast from 148 GW…
Indonesia Licensing | Exploration, a catalyst for Indonesia’s energy security?
With the stiff competition amongst countries in Southeast Asia to attract upstream investments and players into their country, Indonesia has…
Brazil M&A | Equinor’s flagship Brazil exit reinforces PRIO’s position as the leading LatAm dealmaker
On 1 May 2025, PRIO announced the acquisition of Equinor’s 60% operating stake in the Peregrino and Pitangola heavy oil…
Welligence Global Corporate | Oil market uncertainty – budgets and barrels at risk?
The oil sector once again finds itself in an uncertain market environment. At the time of publication of this report,…
Welligence US Gulf of America (GoM) | Trump plans to loosen decommissioning rules
On 2 May, the U.S. Department of the Interior (DOI) announced its intention to revise BOEM’s 2024 rules regarding financial…
Welligence M&A | Global upstream deal-making in April 2025 – a summary
There were four transactions announced in April 2025, down on the 13 announced in March, and below the rolling 12-month…
Deepwater Emissions: Trends, Challenges and Opportunities
By benchmarking the portfolios of the largest reserve holders, we will examine critical trends, differentiation factors, and explore the outlook…
Welligence Company Spotlight | Kosmos Energy – Delivering the next growth phase and winning back investors
Kosmos has transitioned from a pure-play explorer to a full-cycle E&P. The start-up of the high-profile Greater Tortue Ahmeyim (GTA)…
Welligence Trinidad and Tobago Politics | Oil & gas sector uncertainty as T&T votes for change
The United National Congress (UNC), the opposition, has won Trinidad & Tobago’s (T&T) parliamentary election. Party leader Kamla Persad-Bissessar is…
Welligence M&A | Robust first quarter but signs that M&A is slowing
Around US$34 billion was spent on M&A globally in Q1, across 47 transactions. As usual, the majority of deal-making was…
Welligence Canada Politics | Carney leads Liberal Party to victory in Canada’s election
As expected, the Liberal Party is victorious in Canada’s General Election, meaning Mark Carney will continue in his role as…
Welligence Norway | Exploration and discovery size analysis
In March, Welligence presented the following analysis at its Oslo networking event, with the slides now updated to end Q1…
CCUS growing pains – progress and what to expect next
Carbon Capture, Utilization, and Storage (CCUS) projects continue to garner significant global interest, despite the overall pace of activity remaining…
Welligence Canada Politics | Carney set for election victory in Canada? What it means for the oil & gas sector
Mark Carney appears poised to lead the Liberal party to a majority government victory on 28 April. In just three…
Quarterly Upstream Emissions Report – Europe Q1 2025
Welligence is excited to announce the release of our first Quarterly Upstream GHG Report, a series in which we provide…
Argentina M&A | Vista expands Vaca Muerta position in US$1.5 billion deal with PETRONAS
On 16 April 2025, Vista Energy announced the acquisition of a 50% non-operated stake in La Amarga Chica from PETRONAS…
Welligence MENA Q1 2025 M&A Quarterly | Two deals struck and one terminated
In Q1 2025, two deals were announced but only one had a published deal consideration. UEG announced a consideration of…
Untangling UK CCUS Track-1 Incentives: A Summary of Cost Support Mechanisms
As part of its broader decarbonization strategy, the UK aims to establish a self-sustaining Carbon Capture, Utilization, and Storage (CCUS)…
Welligence Sub-Saharan Africa Q1 2025 M&A Quarterly | Last-moment deals kick start Q1 with a robust pipeline going into 2025
Sub-Saharan Africa saw a slow start to the first quarter in 2025 with just two deals, aligning with the same…
APAC Q1 2025 M&A Quarterly | Deal-making pivoted to lower-risk assets
In Q1 2025, three deals were reported across Australia, Thailand and Vietnam. Although it is a quieter quarter, the region’s…
Welligence Latin America Q1 2025 M&A Quarterly | Deal-making slows down, but new activity is imminent
14 deals were announced during Q1 2025, versus the three in Q4 2024 and three seen in Q1 2024 a…
Welligence Europe Q1 2025 M&A Quarterly | Five deals announced, US$5 billion traded
Five transactions were announced in Q1 2025, in line with the quarterly average since 2021. While deal volume was steady,…
Welligence North America Q1 2025 M&A Quarterly | ConocoPhillips exits US GoM as deal-making holds steady
Four deals were announced in Q1 2025: one in Alaska, two in the US Gulf of Mexico (GoM), and an…
Welligence LNG | Trump’s tariffs – a magnet for US LNG investments?
Since February, the US Department of Energy has been streamlining the approvals process and actively granting export authorisations for many…
Welligence M&A | Global upstream deal-making in March 2025 – a summary
There were 13 transactions announced in March 2025, up on the seven announced last month, and above the rolling 12-month….
Welligence Company Spotlight | Westlawn Americas Offshore – M&A and exploration success deliver balanced growth
Westlawn Americas Offshore (WAO) is a privately held independent company focused on the Americas. In less than three years, it has…
UK M&A | NEO Energy and Repsol UK merge, creating NEO NEXT Energy
On 27 March, NEO Energy, backed by HitecVision, and Repsol agreed to merge their UK businesses. This will be entirely…
Trinidad & Tobago M&A | Perenco boosts T&T portfolio with acquisition from Woodside
On 31 March 2025, Perenco entered into an agreement with Woodside Energy to acquire its operating stakes in the Greater…
Welligence Politics & Regulatory | Will Trump allow Venezuelan gas to reach Trinidad?
The Trump administration’s moves to revoke Chevron’s OFAC General License and the OFAC Specific Licenses held by Maurel & Prom,…
Energy Transition | ‘Green-plating’ – a guide to cheap and effective decarbonization
In the oil & gas industry, ‘gold-plating’ emerged as a strategy for consortiums to increase revenue by driving up development…
Argentina M&A | CGC enters Vaca Muerta in YPF’s latest partnering move
On 21 March 2025, CGC announced the acquisition of non-operated stakes in Aguada del Chanar from YPF for a consideration…
Welligence Global FPSO Review | Supply chain pressure continues to hit the FPSO market
The FPSO market is witnessing a resurgence in demand. South America remains the industry hotspot, but activity is set to…
UK M&A | Ithaca Energy acquires JAPEX UK
On 25 March 2025, Ithaca Energy announced the acquisition of JAPEX’s UK business for an estimated cash consideration at completion…
Gabon M&A | Tullow Oil exits Gabon, sells to Gabon Oil Company
On 24 March 2025, Tullow said it had reached a binding heads of terms agreement with Gabon Oil Company for…
Norway M&A | DNO acquires Sval Energi from HitecVision
In March 2025, DNO announced the acquisition of Sval Energi from HitecVision for a cash consideration of US$450 million, which…
Côte d’Ivoire and Congo Brazzaville M&A | Vitol buys Eni stakes in Côte d’Ivoire and Congo Brazzaville for US$1.65 billion
On 19 March 2025, Vitol acquired interests in assets owned and operated by Eni in Côte d’Ivoire and Congo Brazzaville…
Welligence Company Spotlight | SierraCol Energy – the largest oil producing independent in Colombia
SierraCol Energy is one of the leading independents in Latin America. Solely focused on Colombia, the company has built a…
Welligence GHG | Benchmarking IOCs – How regional exposure drives emissions intensity
With the release of US Lower 48 completing Welligence’s global Scope 1 and 2 emissions coverage, our global clients now…
Southeast Asia Rumblings on the Ground | Southeast Asia E&P: Andaman Sea licensing ramps up
Welligence recently attended events in Malaysia (MBR 2025 and IPTC), Singapore (SEAPEX) and visited Indonesia. We met with key stakeholders…
Energy Transition | Review of Majors’ 2024 Results – Strategies in Transition
Though most majors have released 2024 results and plans for 2025, bp’s announcements grabbed the headlines. As laid out in…
Welligence Venezuela | OFAC orders Chevron to wind down operations in Venezuela
It’s official, Chevron has been ordered to cease activities in Venezuela. The Office of Foreign Assets Control (OFAC) issued General…
Welligence Licensing | Libya announces first bid round in 17 years – what is on offer?
On 3 March 2025, Libya’s NOC announced a new Libya Bid Round at a launch event in Tripoli. NOC plans…
Welligence M&A | Global upstream deal-making in February 2025 – a summary
There were seven transactions announced in February 2025, up on the six announced last month, and in line with the…
Welligence Corporate | 2025 E&P capex guidance – Euro Majors reallocating spend to upstream
Welligence is pleased to announce the capex guidance tracker has been updated to reflect recent capex guidance announcements for 2025….
US GoM M&A | Talos Energy and Beacon Offshore bolster their interests in Monument as Repsol exits
On 26 February 2025, Talos and Beacon Offshore announced an agreement to acquire Repsol’s stake in the Monument discovery. SUBSCRIBER…
Welligence LNG | LNG M&A continues unlocking precious supply
Evaluating the last year of LNG M&A, drivers centred on unlocking project values, boosting gas security of supply, corporate re-alignments…
Welligence M&A | PETRONAS–Eni JV: a major regional gas/LNG player?
On 27 February 2025, PETRONAS and Eni signed a MoU to explore forming a JV to consolidate selected upstream oil…
Welligence Corporate | NOC/IOC Partnerships – with today’s Eni/PETRONAS announcement, what’s next?
NOCs entering strategic partnerships with IOCs will continue to be a strong international growth option. Eni announced today that it…
Welligence Exploration | Has Rhino Resources re-ignited Namibia’s Orange Basin?
Rhino Resources and partners Azule Energy, Namcor, and Korres Investments have hit hydrocarbons at the Sagittarius-1X well on PEL 85…
Egypt Energy Show Rumblings on the Ground | EGYPES 2025 headline is the Egypt-Cyprus gas deal
Welligence recently participated in the Egypt Energy Show (EGYPES) in Cairo. We were delighted to be selected as the official…
US GoM M&A | Shell consolidates at Ursa/Princess with acquisition of ConocoPhillips’ US Gulf of Mexico portfolio
On 21 February 2025, Shell announced the acquisition of ConocoPhillips’ non-operated US Gulf of Mexico portfolio for US$735 million. The…
Trinidad and Tobago Rumblings on the Ground | Charting the gas puzzle: Trinidad & Tobago’s Venezuelan Connection
The Welligence team recently attended the Energy Conference in Port of Spain, Trinidad meeting with key stakeholders in the energy…
Welligence Corporate | 2025 E&P capex guidance – North Sea investment set to rise, but for how long?
Welligence is pleased to announce the capex guidance tracker has been updated to reflect recent capex guidance announcements for 2025….
UAE Rumblings on the Ground | Renewed focus: MENA’s oil giants are back in the spotlight thanks to their recent stability
Welligence recently visited Dubai and Abu Dhabi to meet with key stakeholders in the oil and gas sector to gauge…
Egypt M&A | United Energy Group acquires Apex International Energy
On 7 February 2025, United Energy Group (UEG) entered into a Sale and Purchase Agreement (SPA) with Apex International Energy…
Welligence M&A | Global upstream deal-making in January 2025 – a summary
There were six transactions announced in January 2025, down from the 10 in December and broadly in line with the…
Vietnam M&A | EnQuest acquires operatorship of Block 12W as Harbour Energy exits Vietnam
On 22 January 2025, EnQuest signed a Sale and Purchase Agreement (SPA) with Harbour Energy to acquire a 53.125% operating…
Israel M&A | SOCAR acquires 10% of Tamar gas field from Union Energy and Tamar Petroleum
On 31 January, the State Oil Company of the Republic of Azerbaijan (SOCAR) announced the acquisition of a 10% interest…
CCUS | Power Generation from Bioenergy with Carbon Capture and Storage (BECCS): Can it be profitable?
Bioenergy with Carbon Capture and Storage (BECCS) is emerging as a key solution for CO₂ removal, offering the unique advantage…
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…
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…