Total Oil & gas industry cross border M&A deals worth $4.2bn were announced globally in Q2 2022, led by Petronas Chemicals Group’s $2.39bn acquisition of Perstorp Holding, according to GlobalData’s deals database.

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The value marked a decrease of 38.1% over the previous quarter of $6.72bn and a drop of 70.3% when compared with the last four-quarter average, which stood at $14.02bn.

Comparing cross border M&A deals value in different regions of the globe, Europe held the top position, with total announced deals in the period worth $2.65bn. At the country level, the Sweden topped the list in terms of deal value at $2.39bn.

In terms of volumes, Europe emerged as the top region for Oil & gas industry cross border M&A deals globally, followed by North America and then Asia-Pacific.

The top country in terms of cross border M&A deals activity in Q2 2022 was the US with ten deals, followed by the UK with eight and The Netherlands with three.

In 2022, at the end of , cross border M&A deals worth $10.88bn were announced globally in Oil & gas industry, marking a decrease of 62.7% year on year.

Cross Border M&A deals in Oil & gas industry in Q2 2022: Top deals

The top five cross border M&A deals in Oil & gas industry accounted for 62.7% of the overall value during Q2 2022.

The combined value of the top deals stood at $3.88bn, against the overall value of $4.2bn recorded for the quarter.

The top five Oil & gas industry cross border Oil & gas deals of Q2 2022 tracked by GlobalData were:

1) Petronas Chemicals Group $2.39bn acquisition deal with Perstorp Holding

2) The $800m acquisition of Cook Inlet Natural Gas Storage Alaska,ENSTAR Natural Gas and Norstar PipelineInc by TriSummit Utilities

3) Snam $350m acquisition deal with Golar LNG NB 13

4) The $200m acquisition of BioPhero by FMC

5) ITT $140m acquisition deal with Habonim Industrial Valves