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Global Upstream M&A Market Poised for $150 Billion Injection in 2024

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Upstream News

M&A,North America,Shale

The global upstream M&A market is expected to witness significant activity in 2024, with opportunities worth $150 billion, fueled by North America's dominance and non-Permian assets gaining attention.

After the biggest first quarter for global upstream dealmaking in five years, the industry could see another $150 billion of merger and acquisition M&A deals in the remainder of 2024. With global M&A deal value crossing the $64 billion mark already this year, it represents the strongest first-quarter performance since 2019 and a 145% increase on the first quarter of 2023, fueled primarily by consolidation in the US shale patch.

, Saudi Aramco and QatarEnergy, are bolstering their gas and liquefied natural gas LNG portfolios, allowing them to cut emissions and diversify their domestic economies away from a reliance on oil revenues. and Aramco are actively exploring further expansion opportunities in the LNG sector, including potential investments in the West. QatarEnergy announced the North Field West NFW development earlier this year, aimed at boosting Qatar’s LNG capacity to 142 million tonnes per annum Mtpa, surpassing the previous target of 126 Mtpa.

and QatarEnergy are pursuing international expansion alongside their longstanding partners, BP and TotalEnergies. By Rystad Energy

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Rystad Global Upstream Could See Another $150B Merger This YearSo far this year, the global upstream oil and gas market has seen more than $64 billion in mergers and acquisitions, and the year could still see more mega-deals according to a recent Rystad analysis
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