The oil and gas industry is witnessing a significant surge in mergers and acquisitions (M&A) activity, with major companies like Exxon and Chevron being at the forefront. Citi has recently identified another potential large oil M&A deal. The United Arab Emirates' state-owned oil company, Abu Dhabi National Oil Company (ADNOC), has been in the spotlight for considering a takeover bid for BP. Although ADNOC recently eyed BP as a potential acquisition target, it ultimately decided against pursuing the takeover. This decision comes amidst BP's efforts to balance its upstream plans, aiming to strike the right balance that satisfies investors despite facing challenges in clarity and conviction, described as a "tricky upstream balancing act." The situation highlights the complexities of M&A in the oil sector, where antitrust and national security concerns pose significant hurdles and act as a daunting deterrent. Other potential suitors for BP have been mentioned, including Equinor and ConocoPhillips, indicating a broader interest in BP within the industry.