IHS: Global upstream sales hit record $107 billion in 2010

01/10/2011
Worldwide sales of upstream oil and gas properties reached a record $107 billion in 2010, a 160% increase above 2009 transactions, according to preliminary figures by IHS Inc., Englewood, Colo., for its 2011 review of mergers and acquisitions.This increase was driven by spending by national oil companies; major divestiture programs by BP PLC, ConocoPhillips, Suncor Energy Inc., and Devon Energy Corp.; as well as major joint ventures focused on North American unconventional resource plays, IHS said.Value of total upstream merger and acquisition transactions, including corporate mergers, rose by $16 billion to $160 billion, although there were no corporate mergers greater than $10 billion i...
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