Following the OPEC+ failure to cooperate pre-COVID pandemic, oil & gas prices plummeted to a new bottom that never reached before. For the first time in history, oil price became negative, meaning that premium has received, not taken, from oil producers. This is done just to take the produced oil and store it anywhere. Some opportunists took the inventory and store it in old oil tankers that proven unwise later due to seepage and leakage from those old and feeble tankers.
Nevertheless, when price war between Russia and Saudi Arabia were settled, frac oil producers in USA who stopped costly production, became vulnerable. We all started to see mega consolidation in the market for producers’ survival. Oil majors started to dump weak-producing oil fields, and many mergers and acquisition opportunities were introduced in the market. Many of these opportunities will continue through 2021. We are eager to catch some of this wind.
We continue to look for good opportunities to acquire oil and gas service businesses in USA or anywhere in the world. Drop us a line and introduce us to a friend of yours who owns an oilfield service business and who is ready to retire and wants to leave his or her legacy in a safe pair of hands that will take care of business history and employees. We can take of that business and take it to the next level.
