国际油气并购市场五大特征

Five major characteristics of the international oil and gas M&A market

2025年上半年，国际油气并购市场呈现五大特征，值得关注。

In the first half of 2025, the international oil and gas M&A market presents five major characteristics, which deserve attention.

能源咨询公司伍德麦肯兹近日发布的《2025年上半年油气行业并购活动回顾与展望》报告显示，上半年宣布的油气并购交易共85宗，同比下降10%。2022年起，油气并购交易数量持续下滑，当前交易量远低于10年平均水平。2025年上半年，仅有阿联酋ADNOC宣布以187亿美元并购澳大利亚油气生产巨头桑托斯算得上较为重磅的油气交易。尽管没有出现特别引人注目的油气并购大案，但是国际油气并购市场所表现出来的五个特征还是引起了业内外的广泛关注。

The report "Review and Outlook of M&A Activities in the Oil and Gas Industry in the First Half of 2025" recently released by energy consulting firm Wood Mackenzie shows that a total of 85 oil and gas M&A transactions were announced in the first half of the year, a year-on-year decrease of 10%. Starting from 2022, the number of oil and gas M&A transactions will continue to decline, and the current transaction volume is far below the 10-year average. In the first half of 2025, only ADNOC of the United Arab Emirates announced the acquisition of Australian oil and gas production giant Santos for US $18.7 billion, which can be regarded as a relatively heavy oil and gas transaction. Although there have been no particularly eye-catching major oil and gas mergers and acquisitions, the five characteristics of the international oil and gas mergers and acquisitions market have attracted widespread attention inside and outside the industry.

“抱团”式合并成为主要交易类型

"Group" merger becomes the main transaction type

年初，壳牌和挪威国油(Equinor)宣布将合并各自在英国的油气资产，成立一家双方各持股50%的新合资公司;5月，意大利石油巨头埃尼集团(Eni)与马来西亚国家石油公司宣布成立合资控股公司，共同开发印尼和马来西亚的上游资产;西班牙最大石油公司雷普索尔宣布将Repsol Resources UK与NEO UK进行战略合并成立“NEO NEXT”;bp和日本能源公司捷热能源(JERA)宣布合并海上风电业务，共同组建一家全新的独立合资企业。

At the beginning of the year, Shell and Equinor announced that they would merge their oil and gas assets in the UK to establish a new joint venture company with 50% shares each; In May, Italian oil giant Eni and Petronas announced the establishment of a joint venture holding company to jointly develop upstream assets in Indonesia and Malaysia; Repsol, Spain's largest oil companies, announced the strategic merger of Repsol Resources UK and NEO UK to form "NEO NEXT"; bp and Japanese energy company JERA have announced the merger of their offshore wind businesses to form a brand new independent joint venture.

这四宗资产合并涉及油气与可再生能源的资产、油气储量和产量规模都很大，而且都是定位于形成区域最大市场主体。同时，这种合作模式打破了传统跨国石油公司(IOC)与国家石油公司(NOC)的竞争关系，转而通过资产置换形成新的利益共同体，这种“跨国资本+本土网络+低碳技术”的合作范式，或将成为全球油气领域的主流模式。

These four asset mergers involve large oil and gas and renewable energy assets, oil and gas reserves and production scales, and are all positioned to form the largest market entity in the region. At the same time, this cooperation model breaks the competitive relationship between traditional multinational oil companies (IOC) and national oil companies (NOC), and instead forms a new community of interests through asset replacement. This cooperation paradigm of "multinational capital + local network + low-carbon technology" may become the mainstream model in the global oil and gas field.

大规模并购的外溢效应集中显现

The spillover effects of large-scale mergers and acquisitions are concentrated

前两年，国际油气并购市场上游业务“疯狂”行为产生外溢效应，在油气产业链各个环节持续有所显现。随着客户规模的不断扩大，推动为其开展技术服务的企业开始策划并实施并购与合并。2024年，斯伦贝谢收购Champion X;Nobel收购Diamond Offshore。2025年上半年意大利海工巨头Saipem 和挪威海工巨头Subsea7宣布以交易价值46.3 亿美元合并;沙特ADES以3.79亿美元的要约收购Shelf钻井公司。

In the past two years, the "crazy" behavior of the upstream business in the international oil and gas M&A market produced spillover effects, which continued to appear in all links of the oil and gas industry chain. With the continuous expansion of customer scale, enterprises that promote technical services for them begin to plan and implement mergers and acquisitions. In 2024, Schlumberger acquires Champion X; Nobel Acquires Diamond Offshore. In the first half of 2025, Italian offshore engineering giant Saipem and Norwegian offshore engineering giant Subsea7 announced a merger in a transaction worth US $4.63 billion; Saudi ADES acquires Shelf Drilling in a $379 million tender offer.

全球油气行业上游市场主体数量随着并购而减少，国际石油公司规模持续增大不仅要求其服务对象提高市场竞争力，也促进了这些企业加强资本结构优化、完善投资资产组合。

The number of upstream market entities in the global oil and gas industry has decreased with mergers and acquisitions. The continuous increase in the scale of international oil companies not only requires their clients to improve market competitiveness, but also promotes these companies to strengthen capital structure optimization and improve investment asset portfolios.

金属矿产资源成为并购重点

Metal mineral resource become the focus of mergers and acquisitions

6月17日，美国油气巨头雪佛龙宣布收购横跨美国德克萨斯州东北部和阿肯色州西南部约12.5万英亩的油田区域，这些区域具有锂含量极高的Smackover储层，标志着这家百年石油巨头着手布局锂产业，正式进军锂生产领域。

On June 17, U.S. oil and gas giant Chevron announced the acquisition of approximately 125,000 acres of oil field areas spanning northeastern Texas and southwestern Arkansas in the United States. These areas have Smackover reservoirs with extremely high lithium content, marking The century-old oil giant set out to lay out the lithium industry and officially entered the field of lithium production.

这不是油气公司第一次进军金属矿产资源领域。2023年，埃克森美孚收购阿肯色州南部12万英亩土地的开采权，宣布到2027年将生产出首批电池级锂，到2030年让产量达到满足每年100万辆电动汽车需求的水平。此后，2024年挪威国油Equinor、西方石油公司都在不同程度涉及锂资源业务……国际石油公司一直关注并择机收购具有前瞻布局意义和可再生资源关键环节的金属矿产资源产业和资产。

This is not the first time that oil and gas companies have entered the field of metal mineral resources. In 2023, ExxonMobil acquired the mining rights of 120,000 acres of land in southern Arkansas, announcing that it will produce the first battery-grade lithium by 2027, and bring production to the level of meeting the annual demand of 1 million electric vehicles by 2030. Since then, in 2024, Equinor and Occidental Petroleum have been involved in the lithium resource business to varying degrees... International oil companies have been paying attention to and choosing opportunities to acquire metal mineral resource industries and assets with forward-looking layout significance and key links in renewable resources.

处置大量非核心油气资产

Disposal of significant non-core oil and gas assets

受到前期大幅并购带来资金压力和国际油价走低带来财务压力的双重影响，2025年上半年，国际石油公司开展了大量非核心油气资产的处置剥离。埃克森美孚出售其法国子公司埃索可持续航空燃料(SAF)公司，之后又以10亿美元的标的出售在新加坡的58个完整加油站;壳牌转让了尼日利亚陆上资产SPDC、印尼加油站业务以及新加坡能源和化工园区的权益;bp出售了在德国鲁尔工业区的炼油和化工资产，以10亿美元向阿波罗基金出售天然气管道股份;雪佛龙以5亿美元出售得州东部天然气资产。

Affected by the dual impact of financial pressure brought by large-scale mergers and acquisitions in the early stage and financial pressure brought by lower international oil prices, in the first half of 2025, international oil companies carried out the disposal and divestiture of a large number of non-core oil and gas assets. ExxonMobil sold its French subsidiary Esso Sustainable Aviation Fuel (SAF), and then sold 58 complete gas stations in Singapore for a $1 billion target; Shell transferred the rights and interests of onshore assets SPDC in Nigeria, gas station business in Indonesia and energy and chemical park in Singapore; bp sold its refining and chemical assets in Ruhr Industrial Zone, Germany, and sold its natural gas pipeline shares to Apollo Fund for US $1 billion; Chevron sells natural gas assets in eastern Texas for $500 million.

可以看出，上半年五大国际石油公司在国际油气并购市场的存在感主要在于处置出售非核心油气资产。当然也需要指出的是，国际石油公司并不是在一味地卖出，他们在处置剥离的同时，也在择机并购一些与其存量资产可以形成协同效应的核心油气资产和深水勘探开发资产。

It can be seen that the presence of the five major international oil companies in the international oil and gas M&A market in the first half of the year mainly lies in the disposal and sale of non-core oil and gas assets. Of course, it should also be pointed out that international oil companies are not blindly selling. While they are disposing and divesting, they are also choosing opportunities to acquire some core oil and gas assets and deepwater exploration and development assets that can form synergies with their existing assets.

处置可再生能源资产成新经营策略

Disposal of renewable energy assets becomes a new business strategy

为了克服短期的财务和资金压力、中期的财报披露风险并保持长期产业布局灵活性，国际石油公司在坚持严格可再生能源业务投资纪律的基础上，转型业务发展尝试新思路。

In order to overcome short-term financial and financial pressures, mid-term financial report disclosure risks and maintain long-term industrial layout flexibility, international oil companies have tried new ideas for business transformation and development on the basis of adhering to strict investment disciplines in renewable energy business.

开始剥离出售可再生能源业务的部分资产或一定比例的股权，与相关企业、投资集团针对存量可再生能源资产实施合资合作和分包经营，实施轻资产运营模式，组建生态联盟发展可再生能源。比如，2025年以来，道达尔将其波兰的沼气生产业务50%的股份，以2.14亿美元的价格，出售给挪威投资公司，以2.11亿美元出售葡萄牙可再生能源资产组合50%股权。

Begin to divest and sell some assets or a certain proportion of equity in the renewable energy business, implement joint ventures and subcontracting operations with relevant enterprises and investment groups for existing renewable energy assets, implement an asset-light operation model, and form an ecological alliance to develop renewable energy. For example, since 2025, Total has sold a 50% stake in its Polish biogas production business to a Norwegian investment company for US $214 million and a 50% stake in Portugal's renewable energy portfolio for US $211 million.

但同时需要指出的是，出售可再生能源业务资产或股权比例都小于等于50%，表明国际石油公司一方面出售相应股权，回笼资金、降低风险、减轻财务压力;另一方面，坚定保持了50%以上的股权，在未来发展上保持话语权，在规划布局和业务发展模式维持控制力，一旦业务发展出现转机或良机，可以加快发展并实现有效盈利。

At the same time, however, it should be pointed out that the proportion of assets or equity of renewable energy business sold is less than or equal to 50%, indicating that on the one hand, international oil companies sell corresponding equity, withdraw funds, reduce risks and reduce financial pressure; On the other hand, it firmly maintains more than 50% of the equity, maintains the right to speak in future development, and maintains control in planning layout and business development model. Once there is a turning point or good opportunity in business development, it can accelerate development and achieve effective profitability.

未来三种发展趋势

Three future development trends

后续，全球经济复苏持续乏力，国际油气市场逐步脱离景气发展周期，国际油气价格中枢将会继续下移，全球油气并购市场预期将会有以下三个发展趋势。

In the future, the global economic recovery will continue to be weak, the international oil and gas market will gradually break away from the boom development cycle, and the international oil and gas price center will continue to move downward. The global oil and gas M&A market is expected to have the following three development trends.

一是北美中小独立石油公司将会成为并购市场的焦点。在中低油价环境下，北美页岩油气行业洗牌加速成为必然趋势。资金实力薄弱、成本控制能力差的中小独立石油公司或通过两两或多个合并，扩大规模、增强抵御风险的能力;或被埃克森美孚、雪佛龙这样的国际石油公司并购，延续其通过战略整合创造价值的策略。

First, small and medium-sized independent oil companies in North America will become the focus of the M&A market. In the medium-low oil price environment, the accelerated reshuffle of the North American shale oil and gas industry has become an inevitable trend. Small and medium-sized independent oil companies with weak financial strength and poor cost control ability may expand their scale and enhance their ability to resist risks through two or more mergers; Or be acquired by international oil companies such as ExxonMobil and Chevron, continuing its strategy of creating value through strategic integration.

二是国际石油公司以补强补齐天然气产业链为目的的天然气资产并购将会继续成为并购市场焦点。并购交易对象不限于天然气上游勘探公司和生产企业，天然气集输、储运、贸易，甚至天然气发电、天然气研发咨询等业务资产或公司都是潜在交易对象，并购者可能会以国际石油公司或是中东国家石油公司为主要对象。

Second, the mergers and acquisitions of natural gas assets by international oil companies with the purpose of strengthening and completing the natural gas industry chain will continue to be the focus of the merger and acquisition market. M&A transaction targets are not limited to natural gas upstream exploration companies and production companies. Business assets or companies such as natural gas gathering and transportation, storage and transportation, trade, and even natural gas power generation, natural gas R&D consulting are all potential transaction targets. The acquirers may be international oil companies or Middle East National Oil Companies are the main targets.

三是由于石油公司大量处置前期形成的可再生能力资产，以轻资产或是战略联盟的方式开展转型业务经营，未来油气资产与可再生能源资产并购与经营局面将会愈发混杂，交易主体也会更加多元，非传统油气资产交易主体将会更多出现在油气并购市场和后期油气资产经营主体中。

Third, as oil companies dispose of a large number of renewable capacity assets formed in the early stage and carry out transformation business operations in the form of light assets or strategic alliances, the future mergers and acquisitions and operations of oil and gas assets and renewable energy assets will become increasingly mixed, and the trading entities will also It will be more diversified, and non-traditional oil and gas asset trading entities will appear more in the oil and gas mergers and acquisitions market and later oil and gas asset operating entities.

责任编辑：周志霞

Editor in charge: Zhou Zhixia