Welligence Russia & Caspian Q4 2025 M&A Quarterly | Lukoil and new licences lead in Q4 M&A
March 5, 2026
Q4 2025 was relatively quiet for M&A in Russia and the Caspian, with just one announced upstream transaction for developed assets. The period was, however, very active for new licences and agreements, prospective deals, and updates on previously announced deals.