European upstream M&A hit a four year quarterly high in Q4 2025, driven by renewed North Sea dealmaking. The report tracks 11 transactions across the UK, Norway and the Netherlands, with deals driven by corporate consolidation, tax-led portfolio reshaping and appetite for gas-weighted assets. Key deals include the creation of NEO NEXT+, Harbour’s expansion and Tenaz Energy’s push into GEMS.

We assess how the UK Autumn Budget influenced strategy  and deal structures in the North Sea. In Norway, limited corporate exits keep activity centred on swaps and infill acquisitions, while new opportunities emerge in continental Europe. Overall we consider the shrinking but still material opportunity set, where remaining producing and development assets intersect with evolving energy transition strategies.

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