Oil prices (CLc1) have held steady at or above $45 a barrel
for a majority of the last two months and touched a 2016 high above $51, ahead
of the British referendum.
Tudor said buyers were banking on it eventually settling at
around $60 a barrel, giving them confidence about buying drilling acreage in
some of the nation's shale heartlands.
U.S. oil and gas producer Diamondback Energy Inc (O:FANG)
last week said it would spend $560 million buying leases on oil-rich land in
the Southern Delaware Basin, within the Permian Basin, the top U.S. oilfield,
where initial production results have been strong and costs are coming down.
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| International Market News |
A day later, U.S. energy company Laredo Petroleum Inc
(N:LPI) said it would spend $125 million buying acreage in the Midland Basin,
also part of the Permian.
Before the British referendum on June 23, buyers and sellers
had grown comfortable with the idea that oil had rebounded from 12-year lows.
That conviction helped to unclog the acquisition pipeline after a long-dormant
period in which deals were offered but failed to materialize.
About $5.1 billion of U.S. and Canadian properties traded
hands in June, the largest dollar amount in more than a year according to PLS
Inc, global M&A database for such deals.
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