Global upstream deals have fallen sharply this year in all but one category – North American natural gas – as LNG exports expand and power demand soars in the Lower 48 and Western Canada.
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Natural gas deals, “especially in U.S. shale and Canada’s Montney region, are holding up well,” Rystad Energy’s Atul Raina, vice president of upstream merger and acquisition (M&A) research said.
Worldwide M&A dealmaking was reviewed through the first half of the year. North American natural gas has been hot, but oil-rich prospects not so much.