Total oil & gas industry M&A deals in Q1 2019 worth $1.38bn were announced in the UK, according to GlobalData’s deals database.

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The value marked a decrease of 59.3% over the previous quarter and a drop of 62.2% when compared with the last four-quarter average of $3.64bn.

The UK held a 1.2% share of the global oil & gas industry M&A deal value that totalled $110.94bn in Q1 2019.

In terms of deal activity, the UK recorded 22 deals during Q1 2019, marking a decrease of 58% over the previous quarter and a drop of 42.1% over the last four-quarter average.

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UK oil & gas industry M&A deals in Q1 2019: Top deals

The top five oil & gas industry M&A deals accounted for 92.9% of the overall value during Q1 2019.

The combined value of the top five oil & gas industry M&A deals stood at $1.28bn, against the overall value of $1.38bn recorded for the quarter. The top announced oil & gas industry M&A deal tracked by GlobalData in Q1 2019 was PT Medco Energi Internasional’s $539m acquisition of Ophir Energy.

In second place was the $356.58m asset transaction with The Weir Group by First Reserve and in third place was Essar Oil’s $150m asset transaction with BP.

The $140m acquisition of Marathon Oil West of Shetlands and Marathon Oil U.K. by RockRose Energy and ICBC Financial Leasing’s asset transaction with Navig8 Chemical Tankers for $94.71m 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.