Total oil & gas industry cross border deals worth $2.24bn were announced globally for March 2021, with the $880m asset transaction with Ovintiv being the sector’s biggest investment, according to GlobalData’s deals database.

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The value marked a decrease of 79.6% over the previous month of $10.98bn and a drop of 75.03% when compared with the last 12-month average of $8.97bn.

In terms of number of cross border deals, the sector saw a drop of 15.15% with 56 deals in March 2021 when compared to the last 12-month average of 66 deals.

In value terms, North America led the activity with cross border deals worth $886.67m in March 2021.

Oil & Gas industry cross border deals in March 2021: Top deals

The top five cross border deals accounted for 86.6% of the overall value during March 2021.

The combined value of the top five cross border deals stood at $1.94bn, against the overall value of $2.24bn recorded for the month.

The top five oil & gas industry cross border deals of March 2021 tracked by GlobalData were:

1) Validus Energy ’s $880m asset transaction with Ovintiv

2) The $463.82m acquisition of Tulip Oil Netherlands by Kistos

3) ICL Group ’s $400.61m acquisition of Compass Minerals America Do Sul Industria E Comercio

4) The $132.13m asset transaction deal of Team Tankers Deep Sea by Torm

5) BNP Paribas Energy Transition Fund , Delphi Fondene , DNB Asset Management , Fourth Swedish National Pension Fund , Handelsbanken Fonder , Norske Skogindustrier , Pareto Securities , Robeco Asset Management Spain and SpareBank one Markets’ private equity deal with Circa Group for $66.85m.