According to global news agency Reuters, since late November, major oil companies have announced 11 deals worth more than $500 million each with a combined value of $31 billion, the clearest sign yet that oil executives are more confident a recovery is underway
The world’s top oil companies are back in acquisition mode, targeting smaller exploration and development firms to boost hydrocarbon reserves through acquisitions in contrast to the mergers route that followed previous slumps in crude prices.
India’s oil and gas sector has attracted foreign direct investments worth $ 1.18 billion in the past two financial years between April 2014 and March 2016, the government said in its “achievement report” for the petroleum sector.
It’s been a few weeks since members of OPEC started cutting production.Saudi Arabia said last Wednesday that its production is the lowest it’s been in two years. Iraq said that it had made cuts,as did Kuwait.