Asia Pacific’s oil & gas M&A rejuvenation since 2020 continues apace. Across the region, plentiful deals have been announced and a diverse range of attractive opportunities remain. Deal-making is being driven by recent exploration successes, heightened energy security, shifting corporate positioning and a push for gas.

TotalEnergies was particularly active last year, buying SapuraOMV in Malaysia and selling its Brunei portfolio to Hibiscus Petroleum. Japanese players have also increased exposure to regional LNG projects, supporting energy security back home. In 2024, INPEX, JERA and Mitsubishi agreed to buy stakes in LNG developments across Australia and Malaysia.

Regional deal-making will remain strong through 2025. Following the closure of the acquisitions of Hess and Marathon Oil by Chevron and ConocoPhillips, respectively, close, both companies’ gas-focused interests in Malaysia could be put to the market – expect to see strong buyer interest. Meanwhile, interest in farming into Eni and Mubadala Energy’s heavy exposure to Indonesia’s exploration hotspots, the Kutei Basin and North Andaman area, remain strong. Furthermore, Santos and Tamboran Resources’ stakes in predominantly gas/LNG assets across Australasia are also worth watching.

Motivated potential buyers are regional independents, including Woodside Energy, Valeura Energy and Hibiscus Petroleum, as well as large Middle Eastern NOCs, such as Aramco, ADNOC and KUFPEC.

This presentation will further explore the above themes, using many practical examples, to unlock the latest forward-looking insights into Asia Pacific M&A drivers and opportunities.