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
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
21 January 2026
Petroleum Economist takes a look at the critical developments that look set to govern the course of the market for this year
20 January 2026
The ripple effects of US refiners switching to Venezuela grades will be felt from Canada to China and everywhere in between
