Global oil and gas dealmaking totaled 18 billion in 2025

Global upstream oil and gas dealmaking remained subdued in 2025, marking the second consecutive year of limited activity with transactions totaling just $18 billion. According to a report by analytics firm Enverus, the market value fell significantly short of the historical annual average of $60 billion. This downturn is attributed to a combination of lower crude prices and a scarcity of high-quality resources available for acquisition.