Upstream M&A Quarterly Report: Q3 2024

• The largest deal was an unexpected proposed acquisition of the Japanese convenience store chain Seven & i by Canada-based Alimentation CoucheTard, a leading operator of filling stations and convenience stores, for USD 47 bln.
• In the US and Canada, the unconventional sector continues to see a significant number of deals. In Europe, ExxonMobil and Shell divested their jointly developed assets in the UK and Dutch sectors of the North Sea, selling them to RockRose Energy for USD 800 mln and Tenaz Energy for USD 180 mln, respectively.
• In the MENA region, investors were driven by the strategic expansion of their businesses, whether in upstream, LNG, downstream, or OFS. A significant milestone was the IPO of Omani state energy company OQ E&P, the largest in the country’s history.
• In Sub-Saharan Africa, international supermajors Chevron and Eni were actively expanding their offshore operations in West Africa. Two smaller affiliated companies with a regional focus, Africa Oil and Impact Oil and Gas, announced a series of strategic acquisitions in Namibia and South Africa.
• In Asia, the majority of deals were focused in Malaysia and Indonesia, where local, Chinese, Middle Eastern, Australian, and UK investors were granted or extended offshore licenses and PSCs. A notable development is Sinopec’s announcement of its plans to implement CCUS initiatives in Malaysia.
• In the CIS region, the majority of deals were in Azerbaijan. The largest deal was BP’s sale of its 20% stake in the Trans Adriatic Pipeline, for USD 1 bln. Furthermore, international supermajors and mid-sized companies showed interest in exploration and production projects in the country.