GLOBAL upstream merger and acquisition (M&A) activity is bouncing back, and the frozen Asia Pacific sector is now beginning to thaw, according to consultancy Wood Mackenzie.The recent increase in asset acquisitions saw North American deal flow hit its highest level since 2019, while across the rest of the world M&A activity is showing signs of a gradual - if uneven -recovery from the abyss of 2020."This isn't a huge surprise, given the horrendous challenges companies faced last year as lock-downs and crashing oil prices paralysed the market. But with recovery in prices and demand, and success with ongoing vaccine rollouts, optimism is creeping back into the market," said Wood-Mac.The Asia Pacific region is playing a key part in this encouraging story.Following a miserable 2020, Anglo-Dutch supermajor Shell and Repsol of Spain have sold assets across Southeast Asia, said to be clear evidence that there's business to be done in the region.
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