LONDON: Around US$6 billion in M&A activity involving UK oil and gas companies has taken place during the first half of 2017 – with more activity predicted for the remainder of the year and into 2018.
Total’s acquisition of Maersk Oil & Gas A/S heads the list of deals involving North Sea assets, according to data supplied by analysts at Evaluate Energy in London. Assets changing hands and the increasing diversity in their ownership suggests that the UK Continental Shelf may start to benefit from a badly needed investment boost, according to the findings of an annual economic report authored by Oil & Gas UK. “There are still serious issues facing our industry which has suffered heavy job losses since the oil price slump,” said Deirdre Michie, CEO of Oil & Gas UK. “But we are hopeful that the tide is turning and expect employment levels to stabilise if activity picks up.”