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42 Billion in Oil Gas Deal Announced Third Quarter 2013

This is up 59% from Q2 totals of $26.4 billion in 168 deals and down 19% from Q3 2012 totals of $51.3 billion in 155 deals. For comparison, the Q3 total of $41.8 billion is down a nominal 3% from the hermes australia quarterly average recorded since 2007. For deal counts, Q3's tally of 150 deals is also down a nominal 4% from quarterly averages since 2007.

A stark example of this trend in Q3 was Apache Corporation's sale of $7.2 billion of assets through a series of rapid transactions which far surpassed its initial goal of $4 billion. Apache will use the proceeds to repay debt, buy back shares and accelerate resource play development, primarily in the US where it is enjoying rapidly growing production in the Permian and MidContinent regions. First, Apache sold its legacy Gulf of Mexico shelf portfolio to Fieldwood Energy LLC, backed by PE firm Riverstone, for $3.75 billion in midJuly. Next, in midAugust, Ember Resources bought a conventional package in Canada from Apache for $214 million. Two weeks later Apache sold onethird of its Egyptian holdings to Sinopec for $3.1 billion. And finally, in midSeptember, Apache sold another two Canadian conventional deals for $112 million.

North America is followed by the FSU (28%) and Africa (16%) as the globe's most active regions for deals. Noteworthy regional rebounds this quarter occurred in Europe and Canada. In Europe (including the North Sea), deal activity rebounded to $2.9 billion from just $0.5 billion in H1 2013. Historically Europe/North Sea tallies about $1.8 billion in deals quarterly. Canada also rebounded to $3.7 billion compared to $2.9 billion in H1 2013. While up, the pace in Canada still lags the $7.6 billion in deals announced quarterly since 2007.

According to Mangesh Hirve, Director, Derrick Petroleum Services, "Global NOCs, including China, continue to scour the globe to secure longterm oil and gas supplies. In particular, Asian NOCs' buying continues unabated. This quarter saw another $13.4 billion of buying by Asian companies, of which $10.5 billion (or 25% of the global market) is from China followed by $2.6 billion from India. Just this quarter, China bought large deals in Kazakhstan, Egypt and Brazil. Since 2007, China has bought $136 billion in oil and gas deals or 12% of the market."

According to Lidsky, "The biggest US deal this quarter is the $3.75 billion sale of Apache's Gulf of Mexico shelf assets to Fieldwood Energy. This deal is noteworthy on several fronts. First it immediately vaults Fieldwood into operating the largest GOM shelf asset base with current production of 95,000 boepd. Second, the transaction amplifies the role of private equity in today's markets. Fieldwood is backed by PE firm Riverstone and according to Fieldwood, the deal represents Riverstone's largest single investment. Lastly, the deal represents a noteworthy change for Apache which, over a span of 30 years, had operated in the Gulf of Mexico shelf to build the company into where it is today. Now Apache's growth is in large part coming from US onshore resource plays. This is a trend in the US markets which is not unique to Apache."

Other continuing themes in the US during Q3 were high activity in oily onshore resource plays. Outside hermes birkin of the Gulf of Mexico, the most active area in Q3 was the Bakken. Since May 2007, there have been 249 deals totaling $24 billion, with 14 deals for $2.0 billion in Q3. The largest deal is Oasis Petroleum's $1.45 hermes belt billion buy from privately held Roda Drilling and Zenoco Inc. Oasis also completed three additional Bakken buys for another $65 million. Following the Bakken, the next most active region is the Eagle Ford with $1.2 billion in nine deals, the largest of which is Exco's $681 million purchase of Chesapeake's South Texas assets. Exco also bought Chesapeake's hermes kelly bag Haynesville assets during this quarter for $316 million.

New deals in play include Korea's KNOC with media reports stating that the company is reviewing the hermes wallet sale of part or perhaps all of Harvest, a Canadian company KNOC purchased for $4.0 billion in October 2009. Surprising the markets this hermes birkin price quarter is an announcement by Shell that it is looking to shed its Eagle Ford assets. In May 2010, Shell leased the Harrison Ranch in South Texas for $1.0 billion ($9,400 acre), and it is now producing about 93.6 MMcfed (40% liquids) from its Eagle Ford assets. Shell is also looking to sell a substantial onshore position from its Nigeria portfolio. Other major companies putting assets on the market include Marathon reportedly looking to sell its Waha oil concession in Libya currently producing 38,000 boepd (89% oil). In Canada, Imperial Oil is marketing properties currently producing 15,600 boepd (51% oil).

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