Baker McKenzie Energy, Mining & Infrastructure Practice Industry partner Jose Moran was featured in the MergerMarket article, “North America Natural Resources Trendspotter: Gushing with Activity in 2023."

The article reported that thanks to several large deals in oil and gas, deal activity in the natural resources sector saw a 74% year-over-year increase in deal volume in 2023. With Western sanctions on Russian energy reducing available supply, gas companies have been looking to increase both production and reserves.

“Due to high commodity prices in the last few years, oil and gas companies have the money to go out and buy other companies . . . securing their supply for the future,” Moran said. He noted that deals in oil and gas will continue to be driven by competition for basins with large reserves.

The boom in mega deals is not expected to slow down in the coming year as acquirers around the world keep clamoring for North American oil and gas assets, Mergermarket reported. Moran said he expects to see consolidation among medium-sized oil and gas drillers and exploration companies, who will not be able to afford to remain independent, as well as oil and infrastructure services companies that will “[face] the same pressure as their clients.”

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