Time for financial discipline
The pattern of consolidation and restructuring among oil companies during the past year looks set to continue
As 2017 ends, it is on track to go into the history books as a year of moderate recovery for the world oil industry: Opec output is broadly stable; the global inventory overhang is broadly shrinking; and oil prices are up nearly 13% from their January level. The combination triggered a broad recovery in oil investment activity across all sectors as companies consolidated both their upstream and downstream positions, many repeating a popular mantra: value over volume. According to Deloitte Touche Tohmatsu's Oil and Gas Mergers and Acquisitions Report-Mid-Year, 2017, global energy M&A activity was up 57% in the first half of this year, to $137bn. The US Energy Information Administration re
Also in this section
9 June 2025
Weaning poorer regions off coal means gas needs to be abundant and competitive longer term
9 June 2025
LNG has opportunities to expand in established markets and access new ones, but the sector’s outlook is also fraught with uncertainties, from political and regulatory difficulties to chokepoints, project delays and cost overruns, says the IGU
6 June 2025
A subdued market amid global trade tensions is just an aberration in gas’ upward trajectory
6 June 2025
CEO Meg O’Neill explains the virtue of patience in offtake discussions amid tariff tensions
