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 and gas companies in the West, like that of Scotland-based Weir Group, are heading to China to bet on the birth of the country's shale gas industry, the Financial Times reported.
Netherlands-based independent tank storage provider Royal Vopak will invest in an independent import liquefied petroleum gas (LPG) facility in Banyan terminal at Jurong Island, Singapore.
The Iraqi oil minister said ExxonMobil would sell portions of its stakes to PetroChina and Pertamina.
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