Oil price fall to drive sector consolidation
The crude oil price plunge, from $147 per barrel in July this year to around $60/bbl in late October, will drive a wave of consolidation among smaller exploration and production (E&P) companies, according to oil sector analysts.
The next 12 months could see a significant reduction in the number of E&P companies, says Andrew Moorfield, managing director and head of Lloyds TSB Corporate Markets' Oil and Gas Sector team. "There will be an emergence of fewer larger players as companies with proven
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