Southeast Asian Upstream Assets Hit $9.6 Billion for Sale

Southeast Asia's upstream merger and acquisition market is entering a competitive cycle, with $9.6 billion in upstream assets on offer for the remainder of this year and through 2027, according to research from Rystad Energy. The regional deal market has shifted from non-core exits by international oil companies to strategic entry, following approximately $6.7 billion in transactions that changed hands in 2025.

Asset Breakdown and Valuations

The $9.6 billion in assets on offer is split almost evenly between energy majors at $3.6 billion and independents at $3.7 billion, with national oil companies accounting for $1.4 billion. Transaction metrics have risen alongside the competition, with recent deals reaching $9.8 per barrel of oil equivalent for development assets and over $3 per boe for pre-final investment decision resources, compared to six-year averages of $6 to $7 per boe and $1.50 per boe, respectively.

Basins and Production Metrics

The opportunities span approximately 45 production sharing contracts across 12 provinces, holding 2.8 billion boe of net resources and about 145,000 barrels of oil equivalent per day of production. Around 72% of the resources are in the pre-FID stage, while only 18% are producing. Sarawak, the Andaman Sea, and the Kutei Basin hold the largest pre-FID gas positions, while Vietnam's Ken Bau field holds 3.7 trillion cubic feet of recoverable resources.

Key facts

• Rystad Energy reports $9.6 billion in upstream assets on offer through 2027 in Southeast Asia.
• The total is split between majors at $3.6 billion, independents at $3.7 billion, and national oil companies at $1.4 billion.
• Recent development asset deals reached $9.8 per boe, while pre-FID resources exceeded $3 per boe.
• The 45 production sharing contracts for sale hold 2.8 billion boe, with 72% in the pre-FID stage.