Global upstream M&A activity is expected to soften in 2026 compared to last year, despite a substantial pipeline of opportunities. With $107 billion in assets currently on the market, deal timing, execution, and buyer appetite will be critical in shaping transaction momentum.

• North America to remain the M&A anchor – Consolidation among US shale producers and ongoing activity in Canada’s Montney shale are expected to drive deal flow.

• Strong interest in gas and LNG-linked assets – Increasing demand, particularly from Asian buyers, is supporting upstream investment tied to long-term energy security.

• International activity remains selective – A smaller number of complex, high-value transactions will dominate, with national oil companies emerging as key buyers globally.

While global activity is likely to become more concentrated around strategic and high-value opportunities, upstream M&A will continue to play a critical role in portfolio optimization, consolidation, and long-term supply positioning across key regions.

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