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…

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