National oil companies (NOCs) globally are estimated to cut exploration budgets by over a quarter on average in 2020, says Wood Mackenzie.
Cashed-up Asian NOCs are actively screening international assets and companies for once-in-a lifetime acquisition opportunities amidst the global downturn.
Southeast Asia and Australia are set to take centre stage in the region’s upstream M&A activity as private equity companies sense a value opportunity.
Independent oil firm Jadestone Energy has completed a £147.1million acquisition of the Montara project off the coast of Australia.
Shell is to sell its stake in Thailand’s Bongkot gas field to the country’s state-owned PTT Exploration and Production for $750million.
Thai oil firm PTTEP has delayed making a decision on whether to develop its wholly-owned Mariana oil sands project in Canada.
Thailand's largest oil and gas explorer PTT Exploration and Production PCL (PTTEP), has reported second quarter profits slumped 94%, dragged by a fall in revenue, and foreign exchange and oil hedging losses.