Total oil & gas industry deals for March 2019 worth $87.63bn were announced globally, according to GlobalData’s deals database.

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The value marked an increase of 509.6% over the previous month and a rise of 106.5% when compared with the last 12-month average of $42.44bn.

In terms of number of deals, the sector saw a drop of 24.4% over the last 12-month average with 146 deals against the average of 193 deals.

In value terms, Middle East and Africa led the activity with deals worth $73.93bn.

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Oil & gas industry deals in March 2019: Top deals

The top five oil & gas deals accounted for 93.3% of the overall value during March 2019.

The combined value of the top five oil & gas deals stood at $81.73bn, against the overall value of $87.63bn recorded for the month. The top announced oil & gas deal tracked by GlobalData in March 2019 was Saudi Arabian Oil Co’s $73.85bn acquisition of Saudi Basic Industries.

In second place was the $3.41bn private equity deal with Evonik Industries by Advent International and in third place was PTT Exploration and Production’s $2.23bn acquisition of Murphy Sarawak Oil and Murphy Sabah Oil.

The $1.21bn acquisition of IPSCO Tubulars by Tenaris and EQM Midstream Partners’ acquisition of Eureka Midstream Holdings and Hornet Midstream Holdings for $1.03bn held fourth and fifth positions, respectively.

This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Country and industry are defined according to the headquarters and dominant industry of the target firm. The term ‘acquisition’ refers to both completed deals and those in the bidding stage.

GlobalData tracks real-time data concerning all merger and acquisition, private equity/venture capital and asset transaction activity around the world from thousands of company websites and other reliable sources.

More in-depth reports and analysis on all reported deals are available for subscribers to GlobalData’s deals database.