Upstream M&A decelerated in the second quarter of 2025, with value falling 21% quarter-over-quarter to $13.5 billion, according to Enverus Intelligence Research (EIR) summary of Q2 2025 upstream M&A activity and outlook for the rest of the year. EIR analysts say this is the second lowest quarterly deal value since the start of 2024 and placed 1H25 M&A value at $30.5 billion, a 60% drop compared to the first half of 2024.
“This is expected to somewhat ease market fundamentals and eventually contribute to a stronger demand growth,” said Gergely Molnar, a gas analyst at the IEA, during a webinar. “2026 will be marking the first year of the LNG wave and it will be also in a way a test how demand responds to the stronger growth, especially in Asia.”
In 2025, our strategic objectives include deepening government relations to ensure the voice of US companies is heard during economic reform processes and expanding focus groups on specific sectors such as healthcare, energy, digital economy and SMEs. We also seek to strengthen regional connectivity through our broader MENA network, and we are enhancing our advocacy platforms, providing members with timely regulatory updates and high-level engagement opportunities with both US and Kuwaiti stakeholders.
Based on end-2024 financial results, the merged company will have approximately EUR 21 billion in revenues and more than EUR 2 billion in EBITDA, and will command a backlog of around EUR 43 billion as of the end of Q1 2025. Annual free cash flow is expected to exceed EUR 800 million.
Ghana’s oil and gas sector is showing clear signs of resurgence, underscored by Eni’s recent declaration of commerciality for the Eban-Akoma complex in the Cape Three Points Block 4. Estimated to hold between 500 and 700 million barrels of oil equivalent, the find marks the country’s largest offshore discovery in years and lies adjacent to Eni’s existing Sankofa production hub, allowing for rapid and cost-efficient development.
Crude oil in the SPR came in at 402.7 million barrels on July 11, 403.0 million barrels on July 4, and 373.7 million barrels on July 12, 2024, the EIA report revealed. Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.658 billion barrels on July 11, the report highlighted. Total petroleum stocks were up 9.0 million barrels week on week and down 11.2 million barrels year on year, the report showed.
Earlier this year, the Trinidad and Tobago government announced plans to tender 26 offshore blocks along its eastern and northern coast. The deadline for submissions was July 2, and the winning bids will be announced in three months. The blocks subject to that tender, however, do not include the seven blocks that Exxon is in talks about, Reuters noted in its report.
The oilfield services and energy technology major struck a more upbeat note in its second-quarter report than it did in the report for the first quarter of the year. At the time, Baker Hughes, like many others, was concerned about the impact of President Trump’s trade policies on the business. Now, it appears the worst of the dangers related to tariffs has been averted or at least delayed.
Halliburton and the other oilfield services giants such as SLB and Baker Hughes have already flagged there would be lower revenues and profits this year amid a decline in oil prices and increased uncertainties about demand, drilling activity, production and drilling costs.
SLB will deploy its Sequestri™ carbon storage solutions portfolio — which includes technologies specifically engineered and qualified for the development of carbon storage sites — to construct six carbon storage wells. The project scope includes drilling, measurement, cementing, fluids, completions, wireline and pumping services.