Article

Rystad Energy reports a 17% decline in global upstream M&A activity for 2025, totaling around $170 billion, with a 12% drop in deal count to 466. North America dominated the market, accounting for 66% of total value, while significant declines were noted in Africa, Europe, and Oceania. Conversely, M&A activity surged in Asia and South America, largely driven by LNG investments.