Southeast Asia upstream M&A market projected to reach $9.6 billion through 2027

Southeast Asia’s upstream merger and acquisition (M&A) market is transitioning from a period of international oil company exits to a phase of strategic expansion. Research from Rystad Energy indicates that $9.6 billion in upstream assets are expected to be available through 2027.

This shift marks a departure from the 2020–2024 period, which was characterized by major companies trimming late-life positions. In 2025, assets worth approximately $6.7 billion were traded under a new intent focused on strategic entry. The upcoming $9.6 billion in deals is distributed nearly evenly between energy majors ($3.6 billion) and independent companies ($3.7 billion), with national oil companies (NOCs) accounting for $1.4 billion.

Increased competition is driving higher transaction metrics. Recent deals have reached $9.8 per barrel of oil equivalent (boe) for development assets and over $3 per boe for resources prior to a final investment decision (FID), compared to six-year averages of $6–7 per boe and $1.5 per boe, respectively. Key areas of interest include Sarawak, the Andaman Sea, and the Kutei Basin.