Upstream sector led global oil and gas M&A deals in 2019, says GlobalDataCreated: Wednesday, 12 February 2020 05:00The upstream sector accounted for the bulk of mergers and acquisitions (M&A) in the global oil and gas industry in 2019, generating some high-value transactions during the process, according to GlobalData’s theme report ‘M&A in Oil and Gas – 2020’The acquisition of Anadarko Petroleum by Occidental Petroleum in April 2019 for a purchase consideration of US$57bn was the highlight of oil and gas M&A activity last year, GlobalData said. The report M&A in Oil and Gas – 2020 analyses deal activity in the oil and gas industry in 2019 and identifies major trends emerging from these deals. Ravindra Puranik, oil and gas analyst at GlobalData, commented, “In 2019, the upstream sector, more specifically the US shale plays, witnessed the highest deal activity in the oil and gas industry. Oil and gas companies also acquired assets in the gas-rich Appalachia Basin as it serves important commercial centres on the US East Coast,” Puranik added. Puranik added, “Divestment was the reason for deal activity in other regions, such as the North Sea, the Caspian Sea and the Australian upstream sector as oil and gas multinationals embarked on portfolio optimisation.

Source: The North Africa Journal February 12, 2020 05:26 UTC