The global scramble for natural gas assets has turned the upstream energy sector into something resembling a high-stakes auction house, with buyers willing to pay whatever it takes to lock down supply. According to Wood Mackenzie, companies spent $32 billion on gas production project acquisitions in the first half of 2026, the highest level of dealmaking in the upstream gas sector in over a decade.
The average premium paid in gas-focused upstream deals hit 21% above pre-deal valuations. That’s the steepest markup since 2013, and it tells you everything about how tight the market for quality gas assets has become.
Shell’s mega-deal sets the tone
The crown jewel of this dealmaking frenzy was Shell’s $16.4 billion acquisition of ARC Resources, a Canadian producer operating in the prolific Montney shale formation. It was Shell’s largest transaction since it swallowed BG Group roughly a decade ago, a deal that itself was considered a generational bet on LNG.
North America becomes ground zero
