Time for financial discipline
The pattern of consolidation and restructuring among oil companies during the past year looks set to continue
As 2017 ends, it is on track to go into the history books as a year of moderate recovery for the world oil industry: Opec output is broadly stable; the global inventory overhang is broadly shrinking; and oil prices are up nearly 13% from their January level. The combination triggered a broad recovery in oil investment activity across all sectors as companies consolidated both their upstream and downstream positions, many repeating a popular mantra: value over volume. According to Deloitte Touche Tohmatsu's Oil and Gas Mergers and Acquisitions Report-Mid-Year, 2017, global energy M&A activity was up 57% in the first half of this year, to $137bn. The US Energy Information Administration re
Also in this section
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
9 December 2025
The group’s oil production declined in November, our latest analysis finds, amid divided sentiment over market balances and geopolitical jitters
