Welligence Trinidad and Tobago Licensing | CNOOC follows ExxonMobil into deepwater T&T
On 17 September, Trinidad’s Ministry of Energy and Energy Industries (MEEI) announced it received bids on four of the 26…
ADIPEC Insights Report | Global CCUS Trends
Welligence Energy Analytics is proud to be an official 2025 ADIPEC Media Partner. As part of this partnership, we are…
Welligence Global | Beyond Fiscal Terms: Turning Reforms into Results
This report is the second in our two-part series on the evolving fiscal and regulatory landscape and what actions help…
Welligence | Weekly Quick Takes
This report provides our clients with access to the key postings on our LinkedIn page. It is regularly updated, with…
Global M&A | Global Upstream deal-making in August 2025 – a summary
Six transactions were announced in August 2025, in line with July and slightly below the rolling 12-month average. The largest…
Guyana Politics | Guyana’s 2025 election results and the East Caribbean Energy Triangle’s next chapter
On 7 September 2025, Guyana’s Elections Commission (GECOM) confirmed that President Irfaan Ali had been re-elected, securing 55.3% of the…
Welligence | Argentina’s gas market – can all gas demand needs be met?
The scale of gas resource in the Vaca Muerta shale gives Argentina the opportunity to establish itself as a major…
Welligence Corporate | Benchmarking the Top 10 Deepwater Players
Deepwater remains a core growth engine and source of value for E&Ps. We estimate the top 10 E&Ps account for…
Canada Oil Sands M&A | Cenovus acquires MEG Energy for US$5.71 billion, advancing Canadian oil sands consolidation
On 22 August 2025, Cenovus Energy announced an agreement to acquire MEG Energy for US$5.71 billion (C$7.9 billion). CLIENT ACCESS…
From Bridge to Backbone – Turning LNG’s Methane Risk into Opportunity
The boom in new LNG plants, particularly in the US, has raised concerns among environmentalists about methane emissions, prompting claims…
Welligence Latin America Benchmarking | Latin America’s Independents: who’s leading the pack?
Latin America is home to a variety of independents from Pre-Salt to Shale. In our latest note, we analyze and…
ADIPEC Insights Report | LNG’s FID race heats up – Ramp-ups, Rejuvenations and Restarts
Welligence Energy Analytics is proud to be an official 2025 ADIPEC Media Partner. As part of this partnership, we are…
Welligence Norway Reaction | Aker BP reports one of the largest commercial discoveries in a decade – how does it compare?
On 21 August 2025, Aker BP updated recoverable resources at Omega Alfa to 96-134 MMboe, taking recoverable volumes in the…
Welligence Kurdistan Development | Is Kurdistan set for a gas boost whilst oil uncertainty persists?
Recent licence awards and ongoing development projects have the potential to position the Kurdish region as an emerging gas player…
Welligence Global Q2 2025 M&A Quarterly | All eyes on XRG’s move for Santos
Around US$39 billion was spent on M&A globally in Q2, across 35 transactions. The majority of deal-making occurred in onshore…
Global Corporate | The shrinking pool of Large International E&Ps – what’s next?
The pool of Large International E&Ps has been shrinking. With Chevron’s completion of its acquisition of Hess, the peer group…
Welligence Alaska Rumblings on the Ground | Alaska’s 2nd Wave of Growth, Exploration, and LNG
Welligence recently visited Alaska to meet with government officials and key industry stakeholders to assess the current upstream environment and…
Argentina M&A | YPF expands in Vaca Muerta oil position through US$0.5 billion deal with TotalEnergies
On 6 August 2025, YPF announced the acquisition of operated stakes in two Vaca Muerta shale oil assets from TotalEnergies…
Norway M&A | INPEX acquires selected Pandion Energy assets
In July 2025, INPEX agreed to acquire Pandion Energy’s 10% interests in Valhall and Hod and 20% interests in the…
Welligence Russia & Caspian Q2 2025 M&A Quarterly | A bounce from Baku
Two transactions for developed assets were announced in Q2 2025, with a total modelled transaction value of c. US$701…
US CO2 Storage – Class VI Momentum and OBBBA Effects
Class VI wells are designed specifically for the permanent geologic sequestration of CO₂ in deep subsurface formations. These wells are…
Brazil Exploration | Bumerangue – bp’s pre-salt exploration success
bp has announced a potentially material pre-salt discovery at the Bumerangue exploration block, located in the southern Santos Basin. CLIENT…
Welligence MTJDA M&A | PTTEP strengthens security of gas supply with acquisition of Chevron’s MTJDA interests
On 25 July 2025, PTTEP announced the purchase of Chevron’s 50% operating interest in Block A‑18 in the MTJDA for…
EU MERR Primer – Dates, definitions, obligations, and implications for the global oil and gas sector
The European Union’s MERR ushers in a new era of methane accounting, aiming to dramatically increase transparency and progressively limit…
Global M&A | Global Upstream deal-making in July 2025 – a summary
Six transactions were announced in July 2025, down on the 10 announced in June and slightly below the rolling 12-month…
Company Spotlight | Energean – What is next for Energean after the Carlyle deal cancellation?
Energean has rapidly grown production within five years, establishing itself as a key East Med gas producer. What’s next after…
Welligence APAC Q2 2025 M&A Quarterly | Record APAC M&A quarter focused on lower-risk gas/LNG assets
In Q2 2025, 10 deals were announced across Asia Pacific, reaching a two-year high. Two large deals dominated Q2, namely…
Welligence Corporate | Chevron’s deepwater future – growth, exploration and asset sales
After Hess was announced the winner by an international arbitration tribunal in the dispute with ExxonMobil and CNOOC over pre-emption…
Welligence North Africa Licensing | North Africa bid round bonanza – who were the winners and what is currently on offer?
Bid round activity in North Africa is at a level not seen since the 2000s. Activity is focused on the…
Quarterly Upstream GHG Report – South America (Q2 2025)
Welligence’s second quarterly emissions report of 2025 continues a series in which we provide clients with analysis on the emissions…
Welligence Argentina LNG | Argentina’s ~30 MMtpa LNG ambition by 2030 – is it feasible?
The development of the Vaca Muerta has allowed Argentina to start fulfilling its potential as an energy exporter. The country…
Welligence Guyana Corporate | Hess Wins Arbitration in Dispute Over Chevron Merger
An international arbitration tribunal acting under the ICC Arbitration Rules has ruled in favour of Hess, dismissing ExxonMobil and CNOOC’s…
Welligence Suriname Rumblings on the Ground | Confidence grows as Suriname looks forward
The Welligence team attended the 5th edition of the Suriname Energy, Oil and Gas Summit and Exhibition (SEOGS) 2025 in…
Welligence Angola Exploration | Azule hits pay at Gajajeira – Angola’s first dedicated gas exploration well
On July 14 2025, Azule Energy said it had made a gas and condensate discovery at the Gajajeira-01 exploration well…
Welligence Latin America Q2 2025 M&A Quarterly | A robust deal-making quarter in Latin America
This quarter saw a drop in activity, with nine deals announced, compared to 14 in Q1 2025 and seven in…
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 Malaysia Exploration and Infrastructure | Upstream oil and gas resources underpin Sabah East Coast’s new gas hub vision
Welligence was invited to participate in a geological field trip to the East Coast of Sabah (East Coast) by PETRONAS…
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 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 | Uptick in activity, but a slowdown may lie ahead
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,…