Ultra-high-net-worth investors and family offices are demonstrating heightened interest in mineral rights and oil and gas assets, driven by geopolitical tensions from the Iran war and demand created by the artificial intelligence sector’s expanding energy needs, according to investment advisors familiar with the space.
Dealmaking activity in oil and gas has experienced a notable upturn, with deal spending in the first half of 2026 reaching a two-year high, according to research from Wood Mackenzie. Gas production projects have seen particularly robust activity, with deal spending in that category surpassing $32 billion, marking the strongest level recorded in over a decade. This surge follows a period when traditional investors had largely withdrawn from the sector in response to environmental concerns and pressure from sustainability-focused stakeholders. Family offices capitalized on this opportunity to pursue acquisitions at more favorable terms during the years following the pandemic.
The renewed interest in energy assets has created challenging conditions for buyers seeking attractive valuations. Investment professionals note that competition from large institutional investors and private equity firms has intensified, creating what some characterize as a seller’s market. Commodity price volatility has further complicated transaction negotiations, with crude oil fluctuating significantly since early June and experiencing sharp single-session movements.
Within this competitive landscape, investors are increasingly focused on longer-term structural opportunities rather than short-term commodity plays. Infrastructure assets including pipelines and export facilities have attracted particular interest as investors take extended time horizons. However, the supply of infrastructure deals remains constrained due to permitting challenges and construction complexities. Family offices continue to identify niches in smaller-scale transactions, typically involving assets valued below $100 million, where competition remains more manageable. Investment professionals indicate that clients generally pursue these holdings to hedge inflation risks and generate predictable cash flows from mature producing fields rather than speculate on price movements.
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