摘要
Abstract
In 2024,the global oil and gas M&A market saw 190 deals completed—nearly matching the 20-year low set in 2020 amid a sluggish global economic recovery following the COVID-19 pandemic,the ongoing upheavals of the energy transition"great transformation",and heightened regional geopolitical risks.The total transaction value reached $134.2 billion,slightly above the average level over the past decade.It was characterized by such four key drivers as geopolitical risks pushed the transaction value of oil and gas M&A in the Russia-Caspian region to a new low,resource anxiety prompted large and medium-sized international oil companies to initiate several super M&A deals,rational value assessment brought the evaluation oil price for M&A transactions back to the average level of the past 20 years,and demand expectations drove a significant increase in the transaction value of unconventional natural gas M&A in North America.Looking ahead to 2025,Trump's energy policy would add uncertainty to the U.S.oil and gas M&A market.Some national oil companies may further intensify their overseas oil and gas resource M&A efforts,while LNG-related assets are likely to become a new focus in the global oil and gas M&A market.关键词
油气资源/并购交易/国际石油公司/地缘风险/评价油价/能源转型Key words
oil and gas resources/mergers and acquisitions(M&A)transactions/international oil companies/geopolitical risks/oil price evaluation/energy transition分类
经济学
