Underscoring the rising interest in Southeast Asia’s upstream market, North Sea-focused E&P company Longboat Energy (AIM:LBE), confirmed it is “exploring opportunities to broaden its strategic remit” in the region.
Despite the above-surface challenges, Indonesia's subsurface oil and gas potential remains attractive. More upstream M&A is on the cards as majors, independents and NOCs reshuffle their portfolios.
Indonesia’s Medco Energi (IDX:MEDC) is on the lookout for more merger and acquisition (M&A) opportunities in Southeast Asia after successfully buying ConocoPhillips Indonesian assets in a $1.355 billion deal struck last year.
The deal volume for renewable energy assets in Asia more than tripled to $13.6 billion in 2021, as the number of transactions surged by 53% year-on-year to 75. Significantly, large corporate mergers in the solar energy sector fuelled the considerable increase in value, reported Enerdatics, a research company.
Thai upstream player PTT Exploration and Production (PTTEP) plans to keep acquiring new production assets in the Middle East and Southeast Asia to boost reserves and bolster sales.
The number of public listed North Sea operators that could be a suitable fit for a reverse takeover have “diminished significantly”, according to an industry experty.
Transocean’s planned $3.4billion takeover of Songa Offshore will create one of the world’s biggest offshore vessel contractors.
From Shell and BG to Baker Hughes’ multiple suitors, 2016 saw a major shake-up in sector’s players line-up. Find out who decided to combine their lots and who ditched the talk in the gallery below. Click “Read Article” to see the report in full. 2016 Mergers
Mega deals came back into fashion in the City last year, with chief executives becoming more confident as the drama of the financial crisis faded into the background. Mergers and acquisition activity involving UK firms jumped almost 63% to $565billion, a 15-year high involving 3,385 deals, according to data firm Dealogic. The biggest of these acquisitions saw London-listed Peroni and Grolsch group SABMiller bought by Budweiser brewer Anheuser-Busch InBev for £71 billion in a deal finalised last month.
Norwegian oil explorer North Energy said it was looking at all options in a bid to boost shareholder value, which could include mergers and asset sales. The company reported a wide quarterly loss as low oil prices continue to hurt companies. The firm said it was on track to complete a restructuring which was started at the end of last year as the company looked to adapt to tougher marker conditions.
Total's chief executive said oil majors are well positioned to grow during the oil price downturn but should "be patient" when it comes to mergers and acquisitions. Patrick Pouyanne made the comments after it was revealed Anadarko had become the latest company to launch a takeover bid for Apache, following in the steps of Shell and BG and Halliburton and Baker Hughes.
Upstream oil and gas deal activity in June saw a $4.3billion decrease in comparison with the previous month. Research and consulting firm GlobalData said work, including capital markets and mergers and acqusitions, totalled $19.3billion from 125 transactions in June, while in May the total was $23.6billion across 119 deals. Analysts said Europe, the Middle East and Africa led the global acquisitions market in terms of value last month with a 39% regional share totalling $4billion.