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 new contracts signed, progress made…
Read MoreWelligence 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 US sanctions specifically designed to…
Read MoreWelligence 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. Although only one transaction was…
Read MoreWelligence 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 Q3 last year but lower…
Read MoreWelligence 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 the post-Covid era. North America…
Read MoreUK 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. The deal is for a…
Read MoreWelligence 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 project on the Dutch-German border.…
Read MoreWelligence 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 most transactions, with Serica’s consolidation…
Read MoreWelligence 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 acquire MEG Energy. Activity in…
Read MoreSub-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 half. Despite the pause, the…
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