A new study1 from IHS puts worldwide upstream oil and gas asset acquisitions at a record $107 billion high for 2010—a 160% hike over 2009. The rise was driven in part by ‘sustained high oil prices, global expansion by national oil companies, divestitures by BP, ConocoPhillips, Suncor and Devon and by spending on North American unconventionals.
A survey2 of 100 oil and gas CFOs by accounting and consulting house BDO USA likewise noted major capital inflows to the oil and gas sector, with 56% reporting ‘similar or better’ access to capital compared with 2009. BDO also observes ‘record’ M&A activity. News for employees is also good as 95% of CFOs expect to ‘maintain or increase’ their headcount.
Oil IT Journal reports this month on a significant uptick in service sector A&M with, inter alia, the acquisition by GE of Smart-Signal, new equity partners for OSIsoft, a mega initial public offering for FleetCor, and the acquisition, by GlobaLogix, of Blast Energy Services’ satellite division, augmenting its ‘wellhead to website’ automation solutions. More on page 9.
1 www.ihs.com.
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