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 for This Edition Are Detailed Below
The numbers for Q3 2025 show 59 announced deals, with a total disclosed value of USD 41.2 bn. This represents a QoQ decline of 11% in the number of M&A transactions (7 deals), and a decrease of 43% in terms of disclosed value (USD 30.9 bn).
North America’s M&A markets were positioned as the top target region in Q3 2025, recording 34 transactions with a total disclosed value of USD 37.4 bn. This represents 57.6% of global announced deals and 90.6% of the total disclosed value.
M&A activity was significantly driven by nine announced megadeals in North America (seven in the U.S. and two in Canada). These accounted for 75.2% of the global disclosed value in the quarter.
The top countries in LNG global commercial flow during Q3 2025 were the U.S., Qatar and Australia as main exporters, and China, Japan and South Korea as main importers.
The Kroll Oil and Gas team understands the challenges of the global sector and offers a tailored services portfolio. (i) M&A advisory services for oil and gas projects. (ii) Joint venture audits, financial joint venture management and preparation of cost certificates. (iii) Valuation advisory and Financial Due Diligence for Exploration & Production assets, commercial contracts, etc. and (iv) Expert Services in the context of disputes and litigation related to the sector.
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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