M&A in Southeast Asia - 2026 Q2

(Originally published on July 1, 2026)

Q2 has seen five deals announced across Southeast Asia. Of these, two were in Indonesia, one in Malaysia, one in Myanmar, and one corporate transaction involving assets in Vietnam.

Transaction values were disclosed for all five deals, with a combined value of US$963 million. It should be noted that the Ratio / Pharos deal has been excluded from the chart below as it is not purely a Southeast Asia deal and has therefore been classified as a global deal. However, we have included it in the totals in the text.

The rolling deal count for 2026 stands at ten deals with a total deal value of US $966 million (from the 8 deals with a visible value). By comparison, after Q2 2025 we had seen thirteen transactions and a total deal value of US $584 million (from six deals with a visible value).

New deals announced in Q2

The five deals announced in Q2 were:

1. In mid-May, PT Raharja Energi Cepu Tbk (RATU) agreed to acquire a 5% participating interest in the Kasuri PSC from Genting Oil Kasuri for US$9.647 million. The deal is part of the wider Genting / Rukun Raharja transaction package, which includes both the upstream and downstream elements of the project, and which we have split into two deals. After completion, Genting will retain 95% of the Kasuri PSC, with RATU holding the remaining 5%. We looked at the deal in more detail here.
2. In the second part of the same transaction package, PT Rukun Raharja Tbk (RAJA) agreed to acquire a 5% equity interest in PT Layar Nusantara Gas from Genting LNG for US$38.575 million. PT Layar Nusantara Gas is the company developing the Kasuri-linked midstream gas processing and Genting FLNG project. We looked at the deal in more detail here.
3. In mid-June, EnQuest agreed to acquire participating interests in four Malaysian PSCs from PETRONAS Carigali through three separate farm-out agreements. The package includes the Balingian PSC, D35-D21-J4, SK8 and PM6/12, with headline consideration of US$743 million plus up to US$90 million of contingent payments. Completion is expected at the end of 2026 and remains subject to customary conditions, regulatory / listing processes and applicable pre-emption rights. We looked at the deal in more detail here.
4. In late-June, Interra Resources announced its entry into a conditional sale and purchase agreement for the sale of the subsidiary that holds their Myanmar interests to Sinopetro Holdings. Interra's Myanmar interests consist of a 60% interest in the Chauk and Yenangyaung contracts. There are limited details on SinoPetro Holdings. However, their shareholders include Widepath Holdings Limited, who own 100% of North Petrol Operating Inc (NPOI), the holder of the other 40% in the two assets.
5. In late-June, Ratio Petroleum announced a recommended acquisition of Pharos Energy by scheme of arrangement, valuing Pharos at up to £124.3 million. The transaction is a corporate acquisition and includes Pharos’ interests in Vietnam and Egypt, with the Vietnam portfolio including interests in Blocks 16-1, 09-2, 125 and 126. We looked at the deal in more detail here.

The table below summarises the deals announced this quarter:

Deals that closed in Q2

From what I can see, seven previously announced Southeast Asia deals closed during the quarter.

1. In early-April, Sabah news reported the completion of SMJ Energy’s acquisition of a 20% participating interest in the North Sabah EOR PSC from PETRONAS Carigali. The transaction adds to the state oil company’s upstream exposure in Sabah.
2. In late-April, Conrad Asia Energy completed its acquisition of Coro Energy’s 15% interest in the Duyung PSC in Indonesia. The transaction was originally structured as a settlement of historic cash-call arrears and increased Conrad / WNEL’s interest in the PSC, while releasing Coro from existing and future cash-call obligations. Completion followed Indonesian government approval, with Coro announcing that the sale had completed in late-April.
3. In mid-May, Triangle Energy confirmed completion of the Tetragon Energy in-specie distribution. The transaction spun out Triangle’s Philippines portfolio into Tetragon, with the assets including interests in SC80, SC81 and SC82. This was announced in Q1, approved by shareholders in April, and then completed in May.
4. In late-May, Prime Group completed its acquisition of Harbour Energy’s operated interests in the Natuna Sea Block A PSC and the Tuna project in Indonesia. The transaction combined a producing gas asset with a material undeveloped resource position and had a disclosed headline value of US$215 million. Harbour announced completion of the sale in late-May. We looked at the deal in more detail here.
5. In early-June, Eni and PETRONAS officially established SEARAH, the joint venture combining selected upstream assets in Malaysia and Indonesia. The companies stated that all required regulatory, governmental and partner approvals had been obtained and that all conditions precedent had been met. However, whilst we have marked it as complete, there may still be some finer details being worked out by the two parties. We looked at the deal in more detail here.
6. In mid-June, PT Raharja Energi / RATU completed its acquisition of Samudra Energy’s 20% participating interest in the Madura Strait PSC. The transaction includes both share-purchase consideration and shareholder-loan novation linked to the producing Indonesian gas asset. RATU announced completion of the acquisition in June. We looked at the deal in more detail here.
7. In late-June, CPC / OPIC secured Indonesian government approval for its farm-out with Lion Energy in the East Seram PSC. The deal sees CPC / OPIC earn an additional 15% interest in the PSC through a carry on the Bula Karang exploration well, leaving CPC / OPIC with 55% and Lion / Balam with 45% after completion. Lion announced that government approval had been secured, completing the farm-out approval process. We looked at the deal in more detail here.

Deals still pending completion

Including the five new deals this quarter, we now have fifteen announced deals waiting for completion, with the majority coming from deals announced in the last year.

I will not go through all of them, particularly the more recent Q1 & Q2 announcements, but the older pending deals are:

1. The oldest deal was initially announced in December 2023 when an LOI was signed, with the formal agreement coming in May 2024. The deal sees Criterium Energy divest their 45% stake in the Bulu PSC in Indonesia to an as-of-yet unnamed buyer. It has been quiet on new news recently.
2. In May 2025, PetroVietnam and Zarubezhneft agreed a cross-border asset-swap framework involving Kharyaga in Russia and future participation in Vietnam Blocks 01/17 and 02/17. The latest public reporting says PetroVietnam is expected to receive 35% in Kharyaga by 2027 and Zarubezhneft is expected to receive 49% in future Vietnam Blocks 01/17 and 02/17 PSAs.
3. The next two deals are from mid-June 2025, when TotalEnergies and PETRONAS Carigali announced that they had signed two farm-in agreements related to assets in Malaysia and Indonesia. I haven't seen confirmation that either deal has completed.
4. The next deal is from late-July 2025, when Valeura Energy announced it had entered into a farm-in agreement with PTTEP for the latter to acquire a 40% interest in Blocks G1/65 and G3/65. The deal requires government approval, which has been pretty slow recently.
5. The next deal is from early-September 2025, when Lion Energy announced the sale of its 2.5% interest in the Seram Non-Bula PSC to Vista Energy. Lion originally expected completion in 4Q 2025. However, its Q4 2025 report still showed the Seram Non-Bula divestment as pending Government approval and expected H1 2026.
6. The next deal is from October 2025, when Pertamina agreed to farm into the Bobara PSC offshore West Papua, acquiring a 24.5% participating interest from PETRONAS. We are yet to see any indication that this is complete.
7. We then have three deals related to Conrad Asia Energy's Duyung PSC. The companies on the other side of these deals are Empyrean (two deals), and Nations. Once all settled, the rights holdings will be Conrad Asia Energy (22.875% + operator), Empyrean (2.125%), and Nations (75%). The Conrad and Empyrean stakes are held through their interests in West Natuna Exploration Limited (WNEL).

Questions and feedback

We have created this article through our own research and any opinions are purely our own. If you have any questions or feedback on the article then please leave a comment below, drop me a message, or email support.