Third quarter oil and gas deals in 2010 soared to $85 billion, led by Petrobras (NYSE:PBR), BP Plc (NYSE:BP) and ConocoPhillips (NYSE:COP).
Petrobras obviously led the way with their deal with the Brazilian government valued at $42.5 billion, about half of the overall total for deals in the third quarter.
BP divested of $8.9 billion in assets, most of that in deals with Apache Corp. (NYSE:APA), who acquired about $7 billion in assets from the oil giant. BP is attempting to raise about $30 billion to fund liabilities related to the Gulf oil spill.
ConocoPhillips generated sales of $5.8 billion in the quarter when they reduced their stake in Lukoil from 19.2 percent to 6.6 percent. In an effort to strengthen their balance sheet, they're looking at divesting of $10 billion assets overall.
According to Evaluate Energy’s Global M&A CEO Richard Krijgsman, “Last quarter, we saw the biggest volume of exploration and production deals ever. We are seeing major structural shifts in the market as publicly quoted and national oil companies vie for reserves, and the M&A market is simply reflecting this trend.”
Evaluate Energy tracks the various oil and gas deals around the globe daily.
Sinopec recently acquired a 40 percent stake in Repsol for $7.1 billion, bring the overall total in 2010 for Brazilian deal concerning deepwater assets to $56 billion.
The other major deal in the quarter was the divestiture of $8.5 billion by Cairn Energy of 51 percent of their stake in Carin India. They sold that to Vedanta Resources, a company based in India.
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