$9.6 Billion in Southeast Asian Upstream Assets Are for Sale Through 2027
Freeport LNG Ramps Up Gas Intake After Train 2 Shutdown Rystad Energy is an independent energy consulting services and business intelligence provider offering global databases, strategic advisory and research products for energy companies and suppliers,… Southeast Asia's upstream merger and acquisition (M&A) conversation has moved from which international oil companies (IOCs) are leaving to who is buying their way in.
Research from Rystad Energy shows a competitive cycle ahead, with $9.6 billion in upstream assets on offer for the remainder of this year and 2027, as the region's deal market shifts from non-core exits to strategic entry.
Assets worth around $6.7 billion changed hands under this new intent in 2025, a departure from 2020-2024, which was dominated by majors trimming late-life positions and production sharing contract (PSC) expirations.
Transaction metrics have risen alongside the competition: recent deals have reached $9.8 per barrel of oil equivalent (boe) for development assets and over $3 per boe for pre-final investment decision (FID) resources, against six-year averages of $6-7 per boe and $1.5 per boe, respectively.
The9.6 billion is split almost evenly between energy majors(3.6 billion) and independents ($3.7 billion), with national oil companies (NOCs) accounting for $1.4 billion and a handful of smaller sellers making up the rest.
What separates the groups is the growth ambition behind each sale.
Majors are selling assets in countries with limited upside to focus on a few core basins, while entering frontier acreage instead through partnerships rather than carrying the risk alone.
Independents, sitting on recent pre-FID discoveries such as Harbor Energy's Andaman portfolio, need capital beyond a single balance sheet to reach FID.
NOCs are the most selective of the three, having built up domestic portfolios (such as Petronas through its Searah joint venture with Eni) which now gives them room to rationalize late-life assets at home while eyeing entry elsewhere.
Growth is the common theme across nearly every portfolio in the region right now.
The next 18 months will be shaped by three things: the conversion of pre-FID opportunities into mega M&A deals, the trajectory of premiums on producing assets, and the continued evolution of deal structures into strategic partnerships.
For buyers, capital alone won't win the next round.
| Product | Price | Change |
|---|---|---|
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| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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