In this edition of our Global Oil and Gas M&A Outlook, we examine and evaluate current trends for commodities prices, leading sector indicators, valuation developments, M&A deals performed during the quarter and developments in featured specialty subsectors.

Top Insights

The numbers for Q1 2025 show a total of 104 announced deals with a total disclosed value of USD 45.6 bn. This represents a QoQ decline of 31% in the number of M&A transactions (46 deals), as well as a decrease of 3% in terms of disclosed value (USD 1.2 bn).
North America leads the M&A landscape, accounting in Q1 2025 for 46.6% of the total deals announced globally, followed by Europe with a 17.5% share of the number of disclosed deals.
During the first quarter of 2025, the U.S., Qatar and Australia collectively accounted for more than 60% of the total global LNG export volumes. East Asia constitutes the dominant market for global LNG imports, accounting for approximately 38.3% of total imported volumes.
M&A activity was significantly driven by 10 megadeals, 8 taking place in North America (6 in the U.S. and 2 in Canada). These accounted for 67.7% of the global disclosed value in Q1 2025.

Global Oil and Gas M&A Outlook–Q1 2025

The Kroll Oil and Gas team understands the idiosyncrasies of the global sector and offers following knowledge through this report. (i) Project and structured commodity finance advisory and asset-based lending advisory. (ii) Joint venture audits, financial joint venture management and preparation of cost certificates. (iii) Valuation of Exploration & Production assets, commercial contracts, etc. and (iv) Development or tariff/rate models for midstream and downstream assets.

We hope you find this report helpful in understanding the current trends in the global oil and gas sector. If you would like to receive further information or discuss any of the findings, please contact us.


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