The value of mergers and acquisitions activity in the international oil and gas sector nearly halved in the second quarter of the year, according to PwC’s latest global deal trends report out today.
PwC said the total value of activity in the second quarter was £30billion, down 49% on the first three months of the year.
The professional services firm said the drop was caused by fewer headline deals compared with the first quarter.
The company said the number of deals had increased however – up 23% to 200.
Alan Barr, director and oil and gas specialist at PwC’s Aberdeen office, said the increasing number of agreements signed indicated that confidence was returning to the sector.
“Barring macro shocks, we anticipate further merger and acquisition growth in 2011-12,” he said.