Southeast Asia’s Oil and Gas M&A Market Is Heating Up

AI Summary

Southeast Asia’s upstream oil and gas M&A market is shifting from international companies selling non-core assets toward strategic buyers entering the region. Rystad Energy estimates that $9.6 billion in upstream assets will be offered through the remainder of this year and 2027, following about $6.7 billion in transactions in 2025.

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 worth around $6.7 billion changed hands under this new intent in 2025, a departure from 2020-2024, which was dominated by majors trimming late-life positions…