06:22 AM EST, 01/23/2026 (MT Newswires) -- Global upstream mergers and acquisitions are expected to be reduced in 2026 compared to the previous year, with nearly US$152 billion worth of opportunities as of January, Rystad Energy analysts said in a Thursday note.

Global upstream M&A activity fell 17% year over year to about $170 billion in 2025, as deal count fell 12% to 466, Rystad reported. Consolidation within North American shale plays, liquefied natural gas investments in the U.S. and Argentina, and majors spinning off assets in Asia and the U.K. to form regional joint ventures emerged as key themes.

North America led M&A activity in 2025, accounting for more than $112 billion, or 66%, of total deal value. Meanwhile, overall global decline in M&A activity is primarily attributed to low and volatile oil prices during 2025, Rystad said.

Global LNG M&A activity in 2026 is expected to remain below last year's level but is still expected to be robust. More than $8.6 billion of LNG infrastructure assets are already available on the market, according to Rystad.

"Rystad Energy expects North America to remain the clear anchor for upstream M&A activity in 2026, with deal flow increasingly shaped by a new phase of a 'merger of equals' consolidation among small- and mid-cap listed US shale producers," said Atul Raina, vice president of oil and gas M&A at Rystad.

"This is further supported by ample private E&P capital yet to be deployed, ongoing consolidation in Canada's Montney shale, and rising interest in gas and LNG-linked assets -particularly from Asian buyers seeking long-term security of supply," Raina added.