The Barclays Corporate oil and gas team in the UK revealed yesterday its involvement in deals providing funding for acquisitions and exploration and production worth almost £265million since September.
The finance has been provided for companies working in the North Sea and the Americas.
One deal saw Aberdeen-based international oil field service company Reservoir Group acquire GeoSearch Logging of the US for an undisclosed sum.
Walter Cumming, the Aberdeen-based head of the oil and gas team at Barclays Corporate, said: “In spite of its status as a mature province, the UK continental shelf remains an exceptionally vibrant region that presents numerous prospects.
“Likewise, given the increase in the commodity price and associated stability and confidence, we are seeing more M&A activity on an international basis. The Reservoir Group deal is one example of a trend we believe is set to continue.
“The third-quarter deal figures are well up on last year; with the oil and gas team experiencing growth in excess of 20% in the first three quarters of 2011, which will be another record year for the team. There is a healthy pipeline of new work which we hope to complete in the first quarter of 2012.”
Meanwhile, British Gas parent Centrica has signed a memorandum of understanding with Qatar Petroleum International (QPI) involving co-operation in energy-related investments internationally and in the UK.
Investment targets will include projects in upstream oil and gas including liquefied natural gas (LNG), gas storage and combined-cycle gas-turbine generation assets and downstream opportunities. Centrica said, however, it was too early to talk about specific projects.
Centrica said the alliance would deepen the strategic relationship between the group and Qatar established earlier this year with the signing of a three-year contract for the annual supply of 2.4million tonnes of LNG. That deal, valued at £2billion, provides enough gas to meet about 10% of the UK’s annual residential gas demand.