Southeast Asia’s Oil and Gas M&A Market Is Heating Up
Southeast Asia's upstream merger and acquisition (M&A) conversation has moved from which international oil companies (IOCs) are leaving to who is buying their way in. Research from Rystad Energy shows a competitive cycle ahead, with $9.6 billion in upstream assets on offer for the remainder of this year and 2027, as the region's deal market shifts from non-core exits to strategic entry. Assets…
Southeast Asia's oil and gas M&A market is intensifying, with a shift from international oil companies exiting to strategic buyers entering the region. In 2025, $9.6 billion in upstream assets were offered, up from 2020-2024 when $6.7 billion changed hands. Recent deals have reached $9.8 per barrel of oil equivalent for development assets and over $3 per barrel for pre-final investment decision resources, surpassing six-year averages.
The market is split between energy majors, independents, and national oil companies, each with specific motives for their sales. The next 18 months will be driven by the conversion of pre-FID opportunities into mega M&A deals, rising premiums on producing assets, and evolving deal structures into strategic partnerships. Key opportunities lie in Sarawak, the Andaman Sea, the Kutei Basin, and Vietnam's Ken Bau field, with a smaller but highly contested producing slice of assets.
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