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Rystad Energy reports a 17% decline in global upstream M&A activity in 2025, totaling approximately $170 billion, with deal count down 12% to 466. As of January, nearly $152 billion in opportunities are available.

Key trends include mergers in North American shale, LNG investments in the U.S. and Argentina, and divestitures by major corporations in Asia and the UK. Notable transactions include mergers of SM Energy with Civitas, Cenovus acquiring MEG Energy, and a Blackstone-led consortium purchasing 49.9% of the Port Arthur LNG Phase 2 project.

North America led M&A activity with over $112 billion, representing 66% of total value. Other regions saw significant declines, with Africa down 57% to $6 billion, Europe down 24% to $10 billion, and Oceania down 96% to $435 million. Despite a general decline, M&A activity increased in Asia and South America, with values tripling in Asia to $18 billion and rising 71% in South America to $18.3 billion, driven by LNG deals.