Article

Rystad Energy forecasts a decline in global upstream oil and gas mergers and acquisitions (M&A) activity to below $152 billion by 2026, despite substantial available opportunities. North America is expected to remain a central hub for M&A, particularly among small to mid-cap U.S. shale producers, while National Oil Companies from the Middle East, Asia, and South America are anticipated to seek greater scale and international exposure. In 2025, M&A activity fell by 17% year-on-year, reflecting a broader trend of consolidation and significant investments in LNG projects.