Independents seize Southeast Asia M&A initiative
As the majors exit, ambitious small and mid-sized entrants are challenging NOCs' dominance in the asset purchase market
Philippine conglomerate Udenna’s purchase of a 45pc stake in Chevron’s offshore Malampaya field on 13 November may signal that a shift is underway in the regional M&A scene, as majors with an eye on divestment offload Southeast Asian assets. The entry of Davao City-based Udenna— with interests from retail petroleum and infrastructure to tourism and fast food—into the $4.5bn Malampaya project suggests that national oil companies (NOCs) face competition for deals resulting from the vast disposal programmes of majors refocusing on US deepwater and shale. The executive chairman of Malaysia’s Dialog Group, Ngau Boon Keat, said in November that his oil and gas services firm was mulling the acq
Also in this section
8 December 2025
The Caribbean country’s role in the global oil market is significantly diminished, but disruptions caused by outright conflict would still have implications for US Gulf Coast refineries
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
