E&Y sees busy year for global oil and gas M&A

The consultancy carried out a study which suggests 37% of companies are planning M&A activity

A new study carried out by consultancy Ernst and Young has found that up to 37% of global oil and gas companies are planning to shed assets and divest interests in marginal plays over the next two years. The firm’s annual Global Corporate Divestment survey found that 17% of upstream respondents are in the process of selling assets and another 20% are planning to do so within the next two years. The survey results indicate a brisk period of merger and acquisition (M&A) activity ahead, hard on the heels of what was a record year in 2012. According to Houston-based PLS, the value of global oil and gas divestitures jumped 33% in 2012, to $254 billion from $170bn in 2011. Led by China Nationa