Oil acquisitions of more than $31 billion have been announced since November of 2016, boosting investor confidence that a recovery is in the works.
ExxonMobile and Noble Energy set their sights on the Permian Basin to the tune of $10 billion in acquisitions.
Reuters reports:
BP (BP.L) announced a string of investments in the last two months of 2016, including a $1 billion partnership with Dallas-based Kosmos Energy (KOS.N) in Mauritania and Senegal in West Africa, as well as acquisitions in Abu Dhabi and Azerbaijan.
The British company also spent $375 million on a 10 percent stake in Eni’s (ENI.MI) giant Zohr gas field in Egypt while Russian oil giant Rosneft (ROSN.MM) bought 30 percent stake of the same field for $1.575 billion.
France’s Total (TOTF.PA) and Norway’s Statoil (STL.OL) bought into Brazil’s lucrative sub-salt deepwater oil fields while ExxonMobil Corp (XOM.N) bought assets in Papua New Guinea to meet growing Asian demand for liquefied natural gas.
