Independent oil and gas research, Derrick petroleum Service on Thursday said a $20 Billion excess of Oil and Gas assets is currently for sale worldwide due to the whipsaw in oil and gas prices demand in the economic downturn with estimated value of more than $10 million.
In lead, North America has over $9 billion or 45 percent of value in the inventory, followed by Africa of 22 percent, with the North Sea, Rest of Europe, South America, Asia, Australia and Middle East rounding out the pack with deals valued at between $500 million to $1.5 billion, on a comprehensive study of the Top 1000 global oil and gas companies.
These are not distressed assets put on the market by distressed companies, said Yashodeep Deodhar, CEO of Derrick Petroleum Services. We have identified numerous opportunities by first class operators who are simply managing their forward risk profiles and laying off a portion of development capital.”
It also sees the recent trend of national oil companies (NOCs) and government backed oil companies dominating the buy side to continue, where only three of ten buyers are western companies from seven of the top ten buyers in 2008. Such as, such as IPIC of Abu Dhabi, CNPC of China, KNOC of Korea and Ecopetrol of Colombia.
Oil rises above six month high to $64 today from $40.92 in December as demand dropped off due to the global economic crisis on more than $187.98 a barrel in July last year.