Europe leads oil and gas M&A activity beyond the U.S.

Europe saw almost $20 billion in new upstream oil and gas deals agreed in 2023. This leads all regions outside of the United States, according to Evaluate Energy data.

A December agreement between Harbour Energy and Wintershall Dea was the highlight. Harbour will acquire substantially all of Wintershall’s upstream assets and European CCS licenses for just over $11 billion.

Canada was the other non-U.S. ‘region’ to see more than $10 billion in new deals. This was driven by:

• TotalEnergies’ decision to sells its Surmont oilsands interest to ConocoPhillips and its remaining Canadian business unit to Suncor
• Two Montney-focused deals by Crescent Point Energy.

For more on global M&A activity and a focus on U.S. deal-making in 2023, click here.

* The Middle East has numerous deals where transaction details are not disclosed.

Evaluate Energy’s M&A database holds every upstream deal worldwide since 2008, allowing daily comparisons of key metrics, corporate valuations and changes in spending behavior over time. For more on our data, which also includes data on downstream, midstream, service sector and renewable energy M&A activity, click the button below.