Energy and natural resources overview
Taken in isolation – and at £35bn, one of the largest oil and gas deals on record stands pretty well on its own – the acquisition of BG Group by Shell could be seen as a bellwether for a confident oil and gas market. But headline deals aside, the freefall in oil prices has had a lasting negative effect on the sector. And while the price of crude passed the psychologically important level of $50 per barrel recently, the attritional effect of the last 18 months is there to see.
When the BG/Shell tie-up was announced in 2015, chief executive Ben van Beurden said the addition of BG’s natural gas business made strategic sense, ahead of the long-term growth in demand Shell predicts for this cleaner-burning fuel.
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