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COMPETITIVE INTELLIGENCE SERVICE

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  • While North America remained the upstream M&A epicenter throughout 2021, North Sea deal flow worth $18 billion this past quarter demonstrates its continued investment appeal. Aker BP’s $13.8 billion acquisition of Lundin Energy’s oil and gas business was the largest transaction of the quarter, boosting overall 2021 deal flow to $137 billion. US shale consolidation in Q4’21 was slower, while assets deals demonstrate a higher degree of inventory management among the established players. Other notable upstream M&A deals this quarter include ongoing portfolio rationalization deals by Petronas (Chad and Azerbaijan assets), ConocoPhillips (Indonesia portfolio), Occidental (inherited Ghana portfolio) and Repsol (long-expected Russia exit). Our Brent oil price outlook to $80/bbl for 2022, with potential spikes into the $90s, and ~$75 through the mid 2020s is supportive of M&A.
    Mon, Jan 10, 2022
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