🛢️ Part of our Oil & Gas Industry Training Series — browse all related courses →
About This Course
The oil and gas sector is one of the most dynamic arenas for mergers and acquisitions globally, driven by commodity cycles, energy transition pressures, portfolio rationalisation, and the relentless pursuit of reserves and operational synergies. From supermajor consolidations to private equity-backed asset deals, M&A transactions in this industry demand a unique blend of financial acumen, technical understanding, and regulatory knowledge that generic deal-making training simply cannot provide.
This five-day TrainingComplex programme — Mergers and Acquisitions in Oil and Gas — is purpose-built for professionals operating at the intersection of corporate strategy and energy markets. It covers the full M&A lifecycle, from target screening and reserve-based valuation through to deal negotiation, regulatory clearance, and post-merger integration planning. Participants will gain a working command of hydrocarbon asset valuation, production-sharing contract analysis, environmental liability assessment, and the sector-specific financial models that underpin credible bid decisions.
The course draws on real transactions — including notable upstream consolidations in West Africa, Gulf of Mexico asset sales, and LNG joint venture formations — to ground every concept in practical deal reality. Whether you are a corporate development manager evaluating acquisition targets, a finance professional supporting a deal team, or a legal or commercial advisor working on energy transactions, this programme will sharpen your ability to identify value, manage risk, and close deals in one of the world's most complex and rewarding industries.
Who Should Attend
- Corporate development and strategy managers in oil and gas companies
- Investment bankers and financial advisors specialising in energy transactions
- Asset managers and portfolio managers in upstream and midstream businesses
- Commercial and contracts managers involved in joint ventures and farm-in agreements
- Legal counsel and compliance officers advising on energy M&A transactions
- Private equity and infrastructure fund professionals with energy sector exposure
- Regulatory and government affairs professionals overseeing energy sector approvals
- Senior finance and treasury professionals supporting acquisition financing decisions
Learning Objectives
- Understand the strategic rationale and deal drivers behind oil and gas M&A activity in the current energy landscape
- Apply sector-specific valuation methodologies including NAV, DCF, reserves-based lending, and comparable transaction analysis
- Conduct rigorous technical and commercial due diligence on upstream, midstream, and downstream assets
- Structure and negotiate deal terms including equity purchases, asset acquisitions, farm-ins, and joint venture agreements
- Assess and mitigate environmental, regulatory, and geopolitical risks inherent in cross-border energy transactions
- Analyse production-sharing contracts, concession agreements, and licence terms as part of M&A evaluation
- Design effective post-merger integration plans that capture synergies and manage operational continuity
- Navigate antitrust, local content, and government approval requirements across key oil and gas jurisdictions
- Interpret reserve reports, resource classifications, and technical data packages in the context of deal valuation
- Build and stress-test financial models to support bid decisions and investment committee presentations
Course Modules
Module 1: The Oil and Gas M&A Landscape
- Global M&A activity trends across upstream, midstream, and downstream segments
- Deal drivers: reserve replacement, portfolio rationalisation, and energy transition pressures
- Key deal types: asset acquisitions, corporate mergers, farm-ins, joint ventures, and divestitures
- Role of supermajors, NOCs, independents, and private equity in shaping transaction markets
- Impact of commodity price cycles on deal volume, valuation, and financing
- Emerging transaction themes: LNG consolidation, energy transition asset deals, and African frontier plays
Module 2: Strategic Rationale and Target Screening
- Aligning acquisition strategy with corporate portfolio objectives and reserve targets
- Screening criteria: geology, reserves maturity, production profile, and fiscal terms
- Building a target universe and applying quantitative and qualitative filters
- Competitive intelligence gathering and market mapping in oil and gas
- Portfolio fit analysis and strategic synergy identification before formal approach
- Early-stage risk flags: political environment, operator capability, and licence status
Module 3: Hydrocarbon Asset Valuation Methodologies
- Net asset value (NAV) modelling using reserves, production forecasts, and cost assumptions
- Discounted cash flow analysis: selecting discount rates in a commodity-price-volatile environment
- Reserves-based lending and asset-backed financing considerations in deal valuation
- Comparable transaction multiples: EV per barrel, EV per BOE of 2P reserves
- Risk-weighted valuation of contingent and prospective resources
- Reconciling technical valuation with commercial negotiation and bid price discipline
Module 4: Reserve Estimation and Technical Data Interpretation
- Understanding SPE-PRMS reserve classifications: 1P, 2P, 3P, and resource categories
- Reading and challenging competent person reports and reserve engineer certifications
- Production decline curve analysis and its implications for asset value
- Interpreting seismic data packages, well logs, and field development plans in M&A context
- Technical risk factors: reservoir uncertainty, depletion drive, and enhanced recovery assumptions
- Working with independent technical advisors and data room technical due diligence
Module 5: Commercial and Legal Due Diligence
- Structuring the due diligence process: work streams, timelines, and data room management
- Reviewing production-sharing contracts, concession agreements, and royalty structures
- Analysing joint operating agreements, operatorship rights, and consent-to-assign clauses
- Identifying material contracts, offtake agreements, and pipeline access arrangements
- Title verification, licence encumbrances, and government approval requirements
- Red flag reporting: prioritising critical issues for deal team and investment committee
Module 6: Environmental, Social, and Regulatory Risk Assessment
- Environmental liability quantification: decommissioning obligations, contamination, and remediation costs
- Social licence to operate and community impact considerations in cross-border deals
- Navigating host government relations, local content requirements, and NOC consent rights
- Antitrust and competition clearance in oil and gas mergers: thresholds and filing obligations
- Sanctions screening, FCPA and Bribery Act compliance in international transactions
- ESG due diligence and the growing role of sustainability criteria in deal approval
Module 7: Deal Structuring and Transaction Design
- Asset deal versus share deal: tax, liability, and commercial considerations
- Farm-in and farm-out mechanics: carry structures, promotes, and back-in rights
- Joint venture formation: governance, operatorship, and decision-making frameworks
- Earn-out provisions, price adjustment mechanisms, and deferred consideration structures
- Warranties, representations, and indemnities specific to oil and gas transactions
- Seller protection mechanisms: material adverse change clauses and pre-closing covenants
Module 8: Acquisition Financing in the Energy Sector
- Sources of M&A financing: corporate debt, reserves-based lending, and bond markets
- Structuring bridge facilities and term loans for upstream asset acquisitions
- Role of export credit agencies and development finance institutions in energy deals
- Equity financing options: rights issues, private placements, and co-investor syndication
- Debt capacity analysis linked to reserve life, production profile, and commodity price assumptions
- Financing conditionality, covenant structures, and lender due diligence requirements
Module 9: Negotiation Strategy and Deal Execution
- Negotiation dynamics in oil and gas M&A: government, NOC, and private counterparty differences
- Developing a negotiation strategy: BATNA, value levers, and concession planning
- Letter of intent, exclusivity agreements, and heads of terms in energy transactions
- Managing competing bidders: auction processes, data room protocols, and bid submissions
- Navigating deal momentum, timeline slippage, and material issue resolution
- Closing mechanics: conditions precedent, signing, and completion in cross-border transactions
Module 10: Post-Merger Integration and Value Realisation
- Designing the integration blueprint: people, systems, operations, and culture
- Capturing synergies in upstream operations: shared infrastructure, procurement, and HSE alignment
- Retaining technical talent and managing organisational change post-acquisition
- Integrating financial reporting, ERP systems, and joint venture accounting frameworks
- Monitoring integration KPIs and reporting to the board on deal value realisation
- Lessons from oil and gas integration failures: case studies and risk mitigation strategies
Requirements & Prerequisites
Participants should have a solid foundation in corporate finance, accounting, or commercial management, with at least three years of professional experience in the oil and gas industry or a closely related energy sector. Familiarity with basic financial statements, investment appraisal concepts, and oil and gas commercial structures — such as production-sharing contracts or joint operating agreements — is strongly recommended. Prior involvement in any stage of a transaction or asset evaluation process is beneficial but not strictly required.
Training Methodology
- Live deal simulation exercises modelled on real upstream asset acquisitions, requiring teams to screen targets, build valuation models, and present bid recommendations
- Case study analysis of landmark oil and gas M&A transactions including Gulf of Mexico deepwater consolidations, African upstream deals, and LNG joint venture formations
- Financial modelling workshops using industry-standard DCF and NAV templates applied to realistic reserve and production data
- Due diligence role-play sessions where participants act as buyer-side and seller-side advisors, identifying key risks and negotiating deal terms
- Group review and critique of anonymised data room materials, technical data packages, and reserve engineer reports
- Facilitated discussion panels drawing on the trainer's direct transaction experience to examine deal failures, negotiation breakdowns, and integration challenges
- Hands-on drafting of term sheets and key commercial clauses, with structured peer review and facilitator feedback
- Scenario planning exercises exploring how commodity price volatility, energy transition risk, and geopolitical shifts affect deal value and structure
Organisational Benefits
- Enhanced deal-making capability within corporate development and finance teams
- Reduced transaction risk through rigorous due diligence and structured negotiation practices
- Greater confidence in evaluating upstream, midstream, and downstream acquisition opportunities
- Improved alignment between legal, commercial, technical, and financial functions during transactions
- Stronger ability to identify and realise post-merger synergies, protecting deal value
- Access to a network of energy M&A practitioners and peers across the African and Gulf energy markets
- Better-informed investment committee presentations backed by sector-specific financial models
- Organisational readiness to respond quickly and competitively to market-driven deal opportunities
Where Is Mergers and Acquisitions in Oil and Gas Training Offered?
This course runs in-person across: Nairobi, Johannesburg, Kigali, Riyadh, Cape Town, Nakuru, Abuja, Zanzibar, Mombasa, Naivasha, Dubai, Lagos, Dar es Salaam, Pretoria, Kampala, Arusha, Kisumu, Addis Ababa, Accra, plus Live Virtual (online) cohorts. Browse live dates for your city below.
Upcoming Schedules
| Location | Format | Dates | Price |
|---|
| Nairobi, Kenya |
In-Person |
5 Oct 2026 – 9 Oct 2026 |
KES 105,000 |
| Johannesburg, South Africa |
In-Person |
5 Oct 2026 – 9 Oct 2026 |
USD 3,500 |
| Kigali, Rwanda |
In-Person |
12 Oct 2026 – 16 Oct 2026 |
USD 1,900 |
| Riyadh, Saudi Arabia |
In-Person |
12 Oct 2026 – 16 Oct 2026 |
USD 4,500 |
| Live Virtual |
Online |
17 Oct 2026 – 8 Nov 2026 |
KES 80,000 |
| Cape Town, South Africa |
In-Person |
19 Oct 2026 – 23 Oct 2026 |
USD 3,800 |
| Nakuru, Kenya |
In-Person |
19 Oct 2026 – 23 Oct 2026 |
KES 120,000 |
| Abuja, Nigeria |
In-Person |
19 Oct 2026 – 23 Oct 2026 |
USD 2,800 |
| Zanzibar, Tanzania |
In-Person |
19 Oct 2026 – 23 Oct 2026 |
USD 2,500 |
| Mombasa, Kenya |
In-Person |
19 Oct 2026 – 23 Oct 2026 |
KES 120,000 |
| Naivasha, Kenya |
In-Person |
19 Oct 2026 – 23 Oct 2026 |
KES 115,000 |
| Dubai, United Arab Emirates |
In-Person |
19 Oct 2026 – 23 Oct 2026 |
USD 4,100 |
| Lagos, Nigeria |
In-Person |
19 Oct 2026 – 23 Oct 2026 |
USD 2,500 |
| Dar es Salaam, Tanzania |
In-Person |
26 Oct 2026 – 30 Oct 2026 |
USD 2,300 |
| Pretoria, South Africa |
In-Person |
26 Oct 2026 – 30 Oct 2026 |
USD 3,300 |
+237 more dates — view live schedule →
Frequently Asked Questions
Do I need direct M&A deal experience to attend this course?
No prior M&A deal experience is required, but participants should have a solid background in oil and gas commercial, finance, or legal functions. The programme is designed for professionals who are involved in or preparing to support transactions, and the structured exercises will build practical competence throughout the five days.
Will I receive a certificate upon completion?
Yes. All participants who complete the programme will receive a TrainingComplex Certificate of Completion in Mergers and Acquisitions in Oil and Gas. This certificate is a recognised mark of professional development suitable for inclusion in your CPD records and professional portfolio.
Is this course relevant if my organisation focuses on downstream rather than upstream operations?
Absolutely. While the programme gives substantial attention to upstream asset valuation and reserve analysis, it also covers midstream and downstream deal structures, including pipeline acquisitions, refinery transactions, and LNG joint ventures. The due diligence, negotiation, and integration modules apply across all segments of the oil and gas value chain.
What materials and tools will participants receive?
Participants receive a comprehensive course workbook, financial modelling templates calibrated for oil and gas NAV and DCF analysis, sample due diligence checklists, deal structuring reference guides, and a curated library of real-world case study summaries. These resources are designed to be used directly in participants' day-to-day deal work after the course.
Can this course be delivered as an in-house programme for a corporate team?
Yes. TrainingComplex offers tailored in-house delivery of this programme for corporate development teams, legal departments, and finance functions within oil and gas companies. The content can be customised to reflect your organisation's specific asset portfolio, deal history, and strategic priorities. Please contact our corporate training team to discuss your requirements.
