The continuous oil price fall is one side of the coin. The other side is showing rosy picture as six major oil companies have more than enough funds to snap up competitors. It's estimated that world's top six listed oil companies have over $0.5 trillion in stocks and cash enough to fund takeovers plans. ExxonMobil lead the pack, while Chevron, BP Plc, Shell, ConocoPhillips and Total are in the top-six positions.
Oil rose above $60 a barrel on Friday for the first time this year, bringing its gain this week to almost 4 percent, supported by signs that deeper industry spending cuts may curb excess supply.
Houston, US-based firm Fieldwood Energy LLC, a portfolio company of Riverstone Holdings LLC, bought the Gulf Coast unit of Oklahoma-based firm SandRidge Energy Inc in a deal valued at $750 million.
The following bids, mergers, acquisitions and disposals were reported on Wednesday including Sinopec, Apache, AMR, US Airways, Deutsche Bank, EDF, Oxford, Andor, Bank Zachodni WBK, Shuanghui, Campofrio, OCZ, Toshiba and CVS Caremark.
Chinese refiner Senopec is in discussions with American oil-and-gas firm Apache Corp regarding the purchase of a minority stake in a liquefied natural-gas (LNG) project in Canada, according to sources familiar with the matter.
Two sources told Reuters that Apache Corp and state-controlled Argentine energy company YPF had been in discussions for the possible sale of Apache's stakes in Argentina.
China Petrochemical Corp.'s unit, Sinopec International Petroleum Exploration & Production Corp. had agreed to pay USD3.1 billion for Apache's Egyptian oil and gas businesses.
Sinopec, the state owned oil and gas firm, forms Apache and Sinopec Group through the purchase of 33% of the Apache Corp.
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