John S. Herold reports robust upstream M&A activity

Upstream merger and acquisition (M&A) activity worldwide rebounded last year, particularly in the US and Canada, in a trend that is continuing, said a report from John S. Herold Inc. and Harrison Lovegrove & Co. Ltd.Global transaction value for both corporate and asset deals in 2004 totaled more than $68 billion. That was an increase in value of more than 50% from 2003, said the report entitled 2005 Global Upstream M&A Review.Proved reserves sold in 2004 totaled 19.7 billion boe. Oil accounted for more than 70% of the reserves sold worldwide, boosted by the auction of Yuganskneftegas, a subsidiary of struggling OAO Yukos, and by an increase in Canadian oil sands deals.Arthur S...

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