Tuesday, February 8, 2011

Conventionals are still conventional, accounting for 69% in 2010, up from 51% in 2009

Share of unconventionals in total deal value reduced from 49% in 2009 to 31% in 2010. However, a significant part of the unconventional deal value in 2009 was due to a single deal, the acquisition of XTO by ExxonMobil (unconventionals’ share without XTO would be 30%).

Number of deals greater than $1bn, both conventional and unconventional, were greater in 2010 than in any of the previous three years. Clearly the deal market was robust for both types of assets. 

Majors continued to acquire unconventional assets, but also got back into the conventional deals market

In 2010, the Majors bought conventional and unconventional assets in more balanced measures unlike 2009 when the Majors focused predominantly on unconventional assets. For 2010, the split was 35% conventionals/65% unconventionals based on the largest deals as show in chart.
The unconventional assets acquired by the Majors included
       Marcellus: Shell-East Resources, Chevron-Atlas
       Eagle Ford: Shell from various sellers, BP-Lewis Energy
       Oil sands: Total-Suncor, Total-UTS, BP-Value Creation
       Australia CBM: Shell-Arrow Energy, Total-Santos/Petronas
The conventional assets acquired by the Majors included
       US (ExxonMobil-Ellora)
       GoM: BP-Devon, BP-Shell, Chevron-Devon
       Brazil: BP-Devon
       Azerbaijan: BP/Chevron-Devon
       Uganda: Total-Tullow
       North Sea: BP-Total

We have also recently published a report for E&P Business Development and New Ventures professionals working on deals globally. This report provides information on $93 billion of global oil and gas assets on the market.
The report provides details on ~500 opportunities:
·         Assets for sale
·         Corporate M&A opportunities
·         JV opportunities
·         Exploration farm-ins

You can view a sample copy of this report at http://www.derrickpetroleum.com/reports2.html


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