News Releases Recent global news releases issued by Ernst & Young.January 2009 - Strategic opportunities for oil and gas transactions in 2009
London, 26 January 2009
The volatility in oil prices and overall financial markets created a year of two halves for the global oil and gas industry.
Buoyed by a high oil price environment, in the first half of 2008 oil and gas deal activity was strong. However, the slowdown in the global economy resulted in fewer mergers and acquisitions (M&A) in the second half of 2008 resulting in 1,094 deals for 2008, down 29% from the record level set in 2007. The total value of oil and gas transactions for 2008 was US$179bn.
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