Private equity firms are still finding creative solutions for capitalising on the low oil price.
A report by White & Case found there has been a “notable increase” in deals in the upstream sector.
The findings are said to indicate firms are still finding ways to get “attractive deals done” despite the global decline in oil price.
It comes after renewed interest from private equity firms began to grow in 2014.
The report said: “The findings indicate that the majority of private equity investment in the Americas was in the upstream sector, both before (55%) and after (70%) the material drop in oil prices.
“In the EMEA/Asia region, prior to the major oil prices drop, the oil services sector received the majority of PE investments (40%) followed by in the uptream sector (30%).
“However, following the major oil price drop, upstream and midstream took the lead in the EMEA/Asia region (each taking 33%), whilst the oil services sector slipped to third position (22%).
“On a global basis, the major oil price drop appears to have significantly affected investment patterns in the upstream and oilfield services sectors. The findings reflect a material increase in upstream investments (+12%), however, the tidal wave of PE investment into the upstream sector anticipated by some analysts has not come to pass.”
It was added that the drop in oil price had not been the precursor to the “landslide” of private equity transactions in the oil and gas sector.
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