Welligence North America Q4 2025 M&A Quarterly | Harbour makes a splash in an otherwise quiet year
Q4 2025 deal activity was limited to a single announced transaction, consistent with deal-making throughout the year – this reflects…
Welligence Europe Q4 2025 M&A Quarterly | M&A hits a four year quarterly high
European upstream M&A hit a four year quarterly high in Q4 2025, driven by renewed North Sea dealmaking. The report…
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 Nigeria M&A | Heirs Energies acquires 20.07% stake in Seplat Energy from Maurel & Prom
Nigeria upstream M&A ends the year strongly as Heirs Energies acquires a strategic minority stake in Seplat Energy. The deal…
Welligence UK M&A | Serica Energy acquires Spirit Energy’s Southern North Sea assets
Serica Energy’s acquisition of Spirit Energy’s Southern North Sea portfolio reshapes its UK gas production base. The transaction brings equity…
Welligence Politics | Post-Maduro Venezuela – The New Government and Implications for the Oil Sector
Venezuela’s oil sector is entering a critical reset following the capture of Nicolás Maduro and the installation of Delcy Rodríguez…
Global M&A | Global Upstream deal-making in December 2025 – a summary
Ten deals were announced in December 2025, continuing the strong end to the year. The monthly spend level was also…
US GoM M&A | Harbour Energy enters US GoM with US$3.2 billion acquisition of LLOG
Harbour Energy is to acquire LLOG for a consideration of US$3.2 billion, comprising US$2.7 billion cash and US$0.5 billion in…
Welligence UK M&A | Harbour Energy acquires Waldorf Production
Harbour Energy’s acquisition of Waldorf Production’s UK North Sea assets reshapes the company’s portfolio and tax profile. The transaction deepens…
Welligence Nigeria Licensing | Nigeria’s 2025 licensing round – what you need to know
Nigeria’s 2025 licensing round, launched 1 December, offers 50 petroleum prospecting licences across pure exploration blocks and discovered resource opportunities….
2025 Energy Transition in Review: A Narrower, Tougher Path to Decarbonization
In 2025, the reordering of the energy transition became more defined as many oil and gas companies scaled back ambitions…
Welligence Colombia Rumblings on the Ground | Near-term energy uncertainty, cautious optimism around a 2026 political reset
Welligence recently visited Cartagena, Colombia to meet with key stakeholders in the O&G sector to gauge the overall upstream climate…
Welligence Angola M&A | BW Energy and Maurel & Prom buy Azule Energy’s stakes in Blocks 14 and 14K
Angola M&A activity continues apace as BW Energy and Maurel & Prom acquire Azule Energy’s interests in Blocks 14 and…
Welligence UK M&A | TotalEnergies merges UK business with NEO NEXT
UK North Sea M&A accelerates as TotalEnergies merges its UK upstream portfolio with NEO NEXT, creating NEO NEXT+. The combined…
Malaysia Exploration | Five decades of progress: what makes Malaysia’s upstream investment advantageous?
As momentum builds toward the launch of Malaysia Bid Round 2026 in February, Welligence will publish a series of insights…
Oman M&A | Kistos enters the Middle East as Mitsui reduces its footprint in Oman
Kistos has signed a binding agreement to acquire Mitsui E&P’s 5% and 20% in Block 9 and Blocks 3 &…
Welligence Indonesia M&A | Prime Group acquires Harbour Energy’s Natuna assets
On 8 December 2025, Prime Group acquired Harbour Energy’s operated interests in the producing Natuna Sea Block A (28.67%) and…
Global M&A | Global Upstream deal-making in November 2025 – a summary
Ten deals were announced in November 2025, a big step up from the prior month and above the rolling 12-month…
Welligence Namibia M&A | TotalEnergies takes the helm on Galp’s Mopane
Momentum is building in the Orange Basin as TotalEnergies assumes operatorship of Galp’s Mopane discovery in deepwater Namibia, while Galp…
Welligence US Gulf of America Licensing | BBG1 Lease Sale driven by targeted bidding in key deepwater areas
The first US Gulf of America (US GoM) lease sale under the current Trump administration was held on 10 December…
Falkland Islands/Islas Malvinas Development | Sea Lion greenlit: unlocking the islands oil potential
On 10 December 2025, Navitas and Rockhopper Exploration announced FID on Phase 1 of the long-awaited Sea Lion oil development….
Welligence Global | LNG’s 2026 focus broadens from the US Gulf to the Pacific
Asian LNG spot prices in 2025 remained range-bound, generally between US$11-13/MMbtu. The latest wave of supply, led by US projects,…
Welligence Global | FLNG Outlook: Emerging Trends and Opportunities
FLNG is emerging as a strategic complement to global LNG supply as activity shifts from Africa to the Americas. Welligence…
Welligence Namibia Exploration | ReconAfrica’s Kavango strike: the spark to ignite Namibia’s onshore?
Namibia’s onshore Kavango Basin is the focus of new activity following ReconAfrica’s Kavango West-1X discovery in the Damara Fold Belt….
Brazil Licensing | Petrobras & Shell anchor PPSA’s 1st Tract Participation Round as government scores fiscal success amid muted sector appetite
On 4 December 2025, the PPSA (Pre-Sal Petroleo S/A) held its 1st Tract Participation Round, offering its minority stakes in…
Welligence Norway | A spotlight on E&P company targets – can Norwegian exploration deliver?
Welligence recently presented at the NCS Exploration Strategy Conference 2025 in Stavanger and met with key stakeholders in the O&G…
Offshore Electrification Sinks in the New Tide of Upstream Decarbonization
Offshore electrification in the North Sea is becoming increasingly uneconomic, even with Norwegian carbon prices reaching 237 USD/ton by 2030,…
UK M&A | Perenco acquires 50% stake in Blythe & Elgood
Perenco’s M&A move in the Southern North Sea adds a 50% operated stake in the Blythe and Elgood gas fields….
Brazil Rumblings on the ground | Brazil 2026 – Balancing upstream growth, energy transition and energy security amid election uncertainty
Welligence recently visited Rio de Janeiro, Brazil, to meet with key stakeholders in the O&G sector to gauge the overall…
Welligence Angola Rumblings on the Ground | Gas projects help ALNG and onshore starts to open
Angola’s upstream sector is entering a new phase of growth and repositioning. Two key gas projects are set to finally…
Argentina | Is there enough pipeline capacity to meet Argentina’s gas growth?
The development of the Vaca Muerta is accelerating. This activity must be met with increased pipeline capacity, either through the…
Welligence | Iraq Elections 2025: What Happened, What’s Next and Implications for the Oil Sector
The RDC claimed victory amidst a high voter turnout in Iraq’s sixth election. What implications does this have for the…
Company Spotlight | LLOG Value Sensitivities: Key Levers, Risks, and Upside
Following our recent LLOG Company Spotlight, we used Welligence’s new Corporate Model, which will soon be available to clients, to…
Welligence US Gulf of America Licensing | The next GoM lease sale – will it be Big and Beautiful?
The upcoming US GoM lease sale is expected to draw significant interest as operators prepare for the first round in…
Company Spotlight | Galp – Repositioning the business and unlocking value via the drill bit
Galp’s selective upstream growth and disciplined decarbonisation strategy has resonated with investors. What’s the outlook for the Portuguese E&P? CLIENT…
ADIPEC Rumblings on the Ground | East Med gas updates, soaring interest in unconventionals and Iraq in the spotlight
Welligence attended ADIPEC 2025 last week, hosted in Abu Dhabi. The conference, one of the largest in the world, provided…
Egypt M&A | Arcius Energy strikes its second deal offshore Egypt, acquiring a gas discovery from Shell and bp
Arcius Energy has signed a binding agreement to acquire Shell’s 60% and bp’s 40% interest in the El Burg concession…
Welligence Brunei Darussalam Reaction | Brunei’s Ultra-Deepwater Breakthrough: PETRONAS takes FID at Kelidang Cluster gas project
In early-November 2025, PETRONAS reached the Final Investment Decision for the Kelidang Cluster gas project, in Block CA-2, offshore Brunei…
Global M&A | Global Upstream deal-making in October 2025 – a summary
Just three transactions were announced in October 2025, half the rolling 12-month average. Serica Energy and Tenaz Energy continued their…
Welligence Global | Unconventional Hydrocarbon Activity Update
This note reviews the emerging role of international unconventional hydrocarbons alongside deepwater as a source of future supply growth, summarizing…
Welligence Russia & Caspian Q3 2025 M&A Quarterly | A lull for quarterly M&A
During Q3 we recorded no transactions in upstream developed assets, versus two seen in Q2, although there were several other…
Company Spotlight | LLOG — A deepwater standout with a transformational growth runway
LLOG has evolved from an onshore Louisiana explorer into one of the most successful privately held deepwater operators in the…
ADIPEC Insights Report | Global FPSO Outlook
Welligence Energy Analytics is proud to be an official 2025 ADIPEC Media Partner. As part of this partnership, we are…
Welligence Global | US sanctions bite – LUKOIL to sell international portfolio
On 27 October 2025, LUKOIL announced that it is to sell its entire international portfolio. This is the result of…
Welligence Russia & Caspian Deep Dive | Karabash – West Siberia’s prospective new frontier?
The Welligence team examine the recent results from the Zaozernaya #1 well, conducted by the operator VNIGNI (the Russian Geological…
Welligence MENA Q3 2025 M&A Quarterly | No M&A activity, with one deal completion in a muted quarter
No transactions were announced in MENA during Q3 2025, continuing the low level of deal activity seen since Q3 2024….
Welligence APAC Q3 2025 M&A Quarterly | Low-risk gas assets dominate deal-making
Five deals were announced across Australia, Indonesia and the Malaysia-Thailand JDA in Q3 2025. This is the same level as…
Welligence Global Q3 2025 M&A Quarterly | Has global deal-making reached a nadir?
Around US$17 billion was spent on M&A globally in Q3, across 37 transactions. Spend was the lowest quarterly average of…
Brazil Licensing | Petrobras and Equinor lead, Karoon goes solo and CNOOC & Sinopec form an all-Chinese JV in the 3rd PSC Permanent Round
On 22 October 2025, the ANP successfully held Brazil’s 3rd PSC Permanent Offer Round, awarding five of the seven pre-salt…
Welligence Vietnam Rumblings on the Ground | Vietnam’s upstream sees optimism and growth
The Welligence team recently conducted on-the-ground research in Hanoi and Ho Chi Minh City, Vietnam and had several discussions with…
UK M&A | Serica Energy to acquire bp’s Culzean interest
UK North Sea M&A momentum continues as Serica Energy agrees to acquire bp’s non-operated stake in the Culzean gas-condensate field….
Welligence New Zealand | Why New Zealand is reopening the door to E&P – learnings for other countries
Can New Zealand’s gas sector rebound to solve its home-grown energy crunch? Welligence unpacks the policy shifts, investment signals, and…
Welligence Netherlands & Germany M&A | Tenaz Energy deepens North Sea presence with GEMS acquisition
Tenaz Energy has strengthened its North Sea presence with the acquisition of the Gateway to the Ems (GEMS) offshore gas…
Welligence Europe Q3 2025 M&A Quarterly | Activity is up, but value is down as M&A challenges persist
Europe upstream M&A activity rose in Q3 2025, while value stayed muted as headwinds persisted. The UK and Norway drove…
Welligence Southeast Asia Rumblings on the Ground | M&A underpins Southeast Asia’s upstream rejuvenation
Welligence executives recently visited several Asian countries. We met with key industry stakeholders to gauge the region’s energy outlook and…
Welligence North America Q3 2025 M&A Quarterly | MEG Energy takeover is the highlight, LLOG could be next
In Q3 2025, one major deal was announced in the Canadian Oil Sands with Cenovus reaching an initial agreement to…
Sub-Saharan Africa M&A Quarterly | Q3 2025 – The calm before the next wave of deal activity?
Upstream M&A activity in Sub-Saharan Africa slowed sharply in Q3 2025, with no new transactions announced after a busy first…
Welligence AEW Rumblings on the Ground | Rhino maintains momentum in Orange Basin
More positive news from the Orange Basin was the headline at Africa Energy Week 2025, as Rhino’s Volans gas-condensate discovery…
Welligence CCUS | OBBBA and CO2-EOR economics: helpful, but oil price is king
OBBBA raises the 45Q tax credit for enhanced oil recovery (EOR) from US$60/t to US$85/t, aligning it with the credit…
ADIPEC Insights Report | Oil Supply Trends
Welligence Energy Analytics is proud to be an official 2025 ADIPEC Media Partner. As part of this partnership, we are…
Welligence Latin America Q3 2025 M&A Quarterly | A quiet quarter in Latin America
Latin America M&A softened in Q3 2025, with activity clustered in Argentina (three) and Colombia (two) as portfolio optimization and…
Quarterly Upstream GHG Report – APAC (Q3 2025)
Welligence’s quarterly emissions report is a series in which we provide clients with analysis on the emissions performance of the…
Argentina | GeoPark’s Loma Jarillosa Este – how does it compare against the most mature shale oil assets?
Following GeoPark’s recent acquisition in Vaca Muerta, Welligence prepared a detailed technical analysis highlighting the play’s key metrics, benchmarking the…
UK M&A | Serica Energy grows in the UK with triple M&A strike
Serica Energy has strengthened its UK footprint through a triple M&A move, acquiring assets from Prax Upstream, ONE-Dyas and TotalEnergies…
Welligence Australia M&A | Tamboran consolidates Beetaloo position through Falcon Oil & Gas acquisition
On 30 September 2025, Tamboran Resources announced it is to acquire Falcon Oil & Gas in a cash and equity…
Global M&A | Global Upstream deal-making in September 2025 – a summary
Seven transactions were announced in September 2025, in line with the rolling 12-month average. The largest were unconventional – GeoPark…
Welligence Namibia Exploration | Rhino’s exploration success continues on PEL 85
Rhino Resources is extending Namibia’s Orange Basin success with another discovery on PEL 85, marking steady progress across its exploration…
Argentina M&A | GeoPark enters Vaca Muerta through acquisition from Pluspetrol
On 25 September 2025, GeoPark announced the acquisition of operated stakes in two Vaca Muerta shale oil blocks from Pluspetrol…
Welligence CCUS | Can the UK’s CCS incentives unlock bankable upstream-level IRRs?
The UK’s new Greenhouse Gas Removals (GGR) Business Model is set to reshape carbon capture economics by providing a 15-year…
Welligence SSA Rumblings on the Ground | Financing upstream growth and unlocking frontier potential in SSA
The Welligence team attended AOW 2025 in Accra. engaging with governments, IOCs, independents, financiers, and traders. CLIENT ACCESS REQUEST…
Welligence US Gulf of America (GoM) Benchmarking | Benchmarking the Independents – the Lower Tertiary driving growth
US Gulf of America (GoM) benchmarking highlights independents’ performance, with Lower Tertiary assets leading offshore growth. The analysis benchmarks the…
Welligence Global LNG Rumblings on the Ground | North American projects, players and deals in LNG’s spotlight
The Welligence team recently participated in the Gastech exhibition and conference (Gastech) in Milan, Italy. The event provided excellent and…
Welligence Indonesia M&A | MedcoEnergi takes over Repsol’s last APAC upstream stake
On 16 September 2025, MedcoEnergi announced the acquisition of Repsol’s remaining operating stakes in the Sakakemang and South Sakakemang PSCs…
Welligence Egypt Rumblings on the Ground | Egypt offers incentives to IOCs while managing the gas supply demand gap
The Welligence team recently visited Cairo to meet with stakeholders in Egypt’s upstream sector to share insights, gather on-the-ground sentiments…
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…
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
Methane emissions regulation is transforming the global oil and gas sector. The EU’s Methane Emissions Reporting Regulation (MERR) framework sets…
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…