There was a 40% increase in upstream oil and gas merger and acquisition value in 2009 to nearly $150 billion, says IHS Herold in its annual review.
Offshore staff
NORWALK, Connecticut – There was a 40% increase in upstream oil and gas merger and acquisition value in 2009 to nearly $150 billion, says IHS Herold in its annual review. Two-thirds of the action was in North America.
The increase in value was propelled by the two largest corporate takeovers since 2006: ExxonMobil’s $41-billion acquisition of XTO Energy and Suncor Energy’s $21-billion merger with Petro-Canada. Deals by national and international oil companies in Africa and other regions also contributed to the increase.
IHS Herold says that crude prices and a continued thawing of the credit markets will positively affect global deal activity in 2010, with more than $20 billion assets on the market and a pool of well-capitalized international buyers seeking to secure supply and grow reserves.
