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 and targeted swaps around undeveloped discoveries setting the tone. Buyers favoured fiscal efficiency, near-term cash flow and strong portfolio fit across the North Sea.

Looking ahead, expect selective processes and smaller asset trades as corporate options narrow in Norway. In the UK, tax losses and decommissioning profiles remain central to value, with West of Shetland potential still on watch. The opportunity pool widened as new packages surfaced and some assets changed hands.

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