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Europe M&A - Crisis? What crisis?

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08 April 2013

Europe M&A - Crisis? What crisis?

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.

Table of contents

  • Regional M&A Outlook
  • Valuation
    • 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
    • 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
    • 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

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