UK oil and gas companies have spent three times more on overseas acquisitions than on North Sea deals over the past four years, committing $18.9bn internationally versus $6.47bn domestically since 2022, according to Cavendish data — a reversal of the previous trend.

Serica Energy agreed a £145mn deal for Pharos, which produces in Egypt and Vietnam, and CEO Chris Cox called it the “first step” in a long‑standing plan to diversify. The UK windfall tax lifted the headline rate to 78 per cent, prompting the shift. Harbour Energy led the outbound push with an $11.2bn purchase of Wintershall Dea and a $3.2bn deal for US producer LLOG, while Ineos and EnQuest also expanded abroad.

Analysts say pure‑play UK independents may disappear; production is forecast to fall a quarter in five years even if Rosebank and Jackdaw proceed. Domestic deals now focus on consolidating mature assets rather than growth, yet many North Sea assets remain on the market from majors such as BP, Chevron, Shell and Exxon Mobil.