Next year is expected to see a rebound in the Asia Pacific upstream mergers and acquisitions (M&A) market after a dismal 2020, with a potential $38 billion-worth of assets up for grabs, according to consultancy Wood Mackenzie.

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As of October this year, deals totalling “a sliver over” $400 million and 117 million barrels of oil equivalent of proven and probable resources had been transacted versus $5.1