This is raising alarms across the global oil and gas industry, and influencing deal activity. Throughout the year, companies focused on selling assets to exit from non-profitable ventures or from weak competitive positions in the market. “Recently, oil and gas companies have focused on prioritising their areas of operations more on markets closer to their traditional bases. “Oil and gas giant BP announced to sell its entire business in Alaska to Hilcorp Energy for a total consideration of US$5.6bn. This divestment is likely to help BP in reducing its net methane emissions from global operations,” Puranik concluded.

Source: The North Africa Journal February 06, 2020 05:03 UTC