Led by $1.34bn acquisition of Numaligarh Refinery, Asia-Pacific’s oil & gas industry saw a drop of 28.55% in deal activity during Q1 2021, when compared to the last four-quarter average, according to GlobalData’s deals database.

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A total of 97 deals worth $5.76bn were announced for the region during Q1 2021, against the last four-quarter average of 135.75 deals.

Of all the deal types, M&A saw most activity in Q1 2021 with 92 deals, representing a 94.9% share for the region.

In second place was private equity with four deals, followed by venture financing deals with one transactions, respectively capturing a 4.1% and 1.03% share of the overall deal activity for the quarter.

In terms of value of deals, M&A was the leading category in Asia-Pacific’s oil & gas industry with $5.67bn, while private equity and venture financing deals totalled $51.88m and $46.34m, respectively.

Asia-Pacific oil & gas industry deals in Q1 2021: Top deals

The top five oil & gas deals accounted for a 62.1% share of the overall value during Q1 2021.

The combined value of the top five deals stood at $3.58bn, against the overall value of $5.76bn recorded for the quarter.

The top five oil & gas industry deals of Q1 2021 tracked by GlobalData were:

1) Engineers India, Government of Assam and Oil India’s $1.34bn acquisition of Numaligarh Refinery

2) The $881.78m acquisition of Sinopec Hainan Refining and Chemical by Sinopec Overseas Investment Holding

3) ICICI Prudential Mutual Fund’s $753.65m acquisition of Bharat Petroleum

4) The $327.02m acquisition deal with Bharat Oman Refineries by Bharat Petroleum

5) Paradeep Phosphates’ asset transaction with Zuari Agro Chemicals for $280m.