World’s top oil companies back on acquisition trail

Expansion mode: An ExxonMobil refinery in Baytown, Texas. ExxonMobile and Noble Energy have struck deals worth nearly US10bil combined for a larger slice of the Permian Basin, the largest US oil field. — Reuters

More than US$30bil worth of deals signed since late November

LONDON: The world’s top oil companies are back in acquisition mode, targeting smaller exploration and development firms to boost oil and gas reserves rather than the mega-mergers that followed previous slumps in crude prices.