From mid-caps in the North Sea to majors looking for millions of barrels in new regions, the pressure is on for oil and gas companies to come out swinging from the current price slump.
The scale of project or company that would move the needle for Shell (SHEL) and BP (BP.) makes diving into the M&A market tricky, but they are trying. Late in 2025, however, Harbour Energy (HBR) beat Shell to buy LLOG, a private operator with assets in the Gulf of Mexico.
The interest in deals is all based on the idea that peak oil could keep moving further away, and that years of slowing investment will result in a tighter market by the end of the decade.
