Upstream deals boost oil and gas companies’ outlooks
The value of oil and gas deals announced last year increased by 10% from 2008 to $198 billion, although the total number of deals fell from 1,152 to 837, according to Ernst & Young’s third annual global oil and gas transactions review.
Upstream deals accounted for 72% of oil and gas deals announced in 2009, leading to a positive outlook for the sector in 2010, says Ernst & Young.
"The positive trends that we have seen in recent months are likely to continue into 2010 and the outlook for oil and gas transactions is healthy in upstream and oilfield services," says Andy Brogan, global oil and gas transaction advisory leader at Ernst & Young.
Ernst & Young says the increased oil price has generated a scurry of equity investment
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