Energy M&A – A Regional Breakdown

Energy markets have endured numerous jolts in recent times as competition for resources, geopolitical tensions and the increasing demands of net zero targets all continue to shape the sector. The year ahead will be no different, but these tensions can be a driver for M&A and we expect 2024 to be a busy one, after a flurry of megadeals in late 2023 set the tone. Below we assess these big-picture themes and regional dynamics in Africa, Australia, Italy and the UK, while energy developments in the Middle East and Asia can be read in our regional M&A guide.

Africa: A bright spot

Activity

The energy sector has remained strong in an otherwise more settled African M&A market. The wider market has cooled since the post-Covid M&A rebound, due to less favourable economic conditions, including the rise in global interest rates and local currency depreciation. But interest in energy assets has largely held strong. Global geopolitical competition has led to