Data & analytics solutions

Insight 08 April 2013

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Report summary

Despite having spent over three years in the grip of an undulating debt crisis, Europe continues to see high levels of upstream M&A. What's more, changing dynamics in the region's key markets - the UK and Norway - are supportive of increased liquidity.

Regional M&A Outlook
Valuation
UK
- Fiscal changes provide a catalyst for M&A
- Continued poor exploration performance will have mixed impact on M&A
- Pre-emption rights complicating deals
- UK shale gas
- Juniors will continue to provide market liquidity
Norway
- Statoil and the State DFI are potential sellers
- New entrants could stimulate activity
- Smaller E&Ps are potential targets
Netherlands
Denmark and Germany
Ireland
Italy
Eastern Mediterranean
Shale gas
Black Sea
Companies
- NOCs
- Japanese buyers
- Majors
- Regional Independents
  - Financing
  - Historic M&A
  - Methodology and Assumptions
    - Scope of coverage
    - Implied Long-Term Oil Price Methodology

Tables and charts

This report includes 14 images and tables including:

Strategic fit of European interests within the Majors' and Large Cap IOCs global portfolios
Consideration premium/discount to WM Valuation
Implied Long Term Oil Price

Remaining value by peer group - Europe (selected)
Europe M&A spend, non-European NOCs by origin
Implied Long-term Oil Price, deal-by-deal vs. Brent oil price (Europe focused deals highlighted)
Weighted average ‘per barrel' acquisition costs
Share of global M&A
Implied Long-term Oil Price
Total Resource traded
Buyers & Sellers 2012
Annual upstream M&A spend (by deal type)
Major Europe focused deals in 2012
Trends in Europe focused M&A