M&A deal value in Europe decreased by around 10% year-on-year, to US$14 billion in 2024. Around 75% of the regional total centred on the UK, where majors have been adopting an autonomous model strategy to expand their presence in the North Sea. The largest deal this year involved Shell and Equinor merging their UK North Sea upstream portfolios, excluding some of Equinor's cross-border assets. The combined entity will become the largest producer in the UK North Sea, with a projected output of around 140 000 boe/d by 2025.