Asia-Pacific’s oil & gas industry saw a drop of 13.95% in deal activity during March 2021, when compared with the last 12-month average, led by Sinopec Overseas Investment Holding’s $881.78m acquisition of Sinopec Hainan Refining and Chemical, according to GlobalData’s deals database.

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A total of 37 oil & gas industry deals worth $2.99bn were announced for the region in March 2021, against the 12-month average of 43 deals.

Of all the deal types, M&A saw most activity in March 2021 with 34 transactions, representing a 91.9% share for the region.

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In second place was private equity with three deals capturing an 8.1% share of the overall deal activity for the month.

In terms of value of deals, M&A was the leading category in Asia-Pacific’s oil & gas industry with $2.94bn, followed by private equity deals totalled $51.88m.

Asia-Pacific oil & gas industry deals in March 2021: Top deals

The top five oil & gas deals accounted for 78.9% of the overall value during March 2021.

The combined value of the top five oil & gas deals stood at $2.36bn, against the overall value of $2.99bn recorded for the month.

The top five oil & gas industry deals of March 2021 tracked by GlobalData were:

1) Sinopec Overseas Investment Holding’s $881.78m acquisition of Sinopec Hainan Refining and Chemical

2) The $753.65m acquisition deal with Bharat Petroleum by ICICI Prudential Mutual Fund

3) Bharat Petroleum’s $327.02m acquisition of Bharat Oman Refineries

4) The $243.61m acquisition of Vinythai Public by PTT Global Chemical Public

5) Kingenta Ecological Engineering’s acquisition of Noberfun (China) Agriculture for $155.74m.