Global M&A | Global upstream deal-making in May 2026
June 4, 2026

Eleven transactions were announced in May 2026, continuing the recent upward trend. The strong pace of deal-making comes despite the turmoil in the Middle East, albeit spend levels remain relatively low. Gas was the dominant theme, driving over half the deals. The largest was INPEX’s acquisition of CNPC’s minority stake in the Browse project in Australia.