Oil industry deals reach 5-year high

The first six months of the year brought deals for more than USD 60 billion in the oil and gas industry, according to a new analysis.

Photo: Tullow Oil

Mergers and acquisitions in the oil and gas industry in the 2nd quarter 2014 reached the highest level in five years. The quarter brought a total of 54 deals for a combined worth of USD 42.2 billion, according to a new analysis from PwC's US division for energy, reports news media Rigzone.

"Over the past three months, we continued to see companies looking to realign their portfolios and divest non-core assets, which provided opportunities for acquirers with cash and access to capital," says Doug Meier, PwC's US energy sector deals leader.

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