Global upstream oil and gas activity, including capital markets and mergers and acquisitions (M&A), totaled $19.3 billion from 125 transactions in June 2015, marking a $4.3 billion decrease in value from the $23.6 billion across 119 deals posted in May 2015, says research and consulting firm GlobalData.

According to the company’s latest monthly upstream deals review, upstream M&A accounted for $8.8 billion from 18 transaction announcements in June 2015. While this was a significant drop from $11.7 billion in May 2015, the number of M&A transaction announcements increased from 13 in the previous month.

Matthew Jurecky, GlobalData’s Head of Oil & Gas Research and Consulting, said, “Capital raising continues at the healthy clip seen in 2015, driven by debt offerings in the U.S. almost a year from prices collapsing. Companies continue to seek financial flexibility and restructure short- and reserves-based capital to avoid bankruptcy.”

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GlobalData’s report says that Europe, the Middle East and Africa (EMEA) led the global acquisitions market in terms of value in June 2015, with a 39 percent regional share totaling $4 billion. This came from 18 deals, of which 14, with a combined value of $4 billion, were announced, and four, with an undisclosed value, were completed. The majority of M&A activity in EMEA was centered on offshore assets, which delivered the greatest share of deal volume with 10 deals in June 2015.

“M&A momentum continued in June with Emirates National Oil Company proposing a buy-out of Dragon Oil, BP buying a stake in one of Rosneft’s Siberian fields, and Wintershall selling a package of North Sea assets to Tellus Petroleum (Tellus),” Jurecky said.

Other significant transaction announcements include a proposed $2.3 billion merger between Vedanta and Cairn India, as well as an acquisition of royalties from Cenovus for $2.67 billion by the Ontario Teachers’ Pension Plan.

“Market conditions will continue to fuel a desire for M&A. After a failed attempt years ago, Emirates National Oil Company is another case of a company taking advantage of depressed asset values to consolidate ownership in one of its positions, Dragon Oil,” Jurecky said. “On the other hand, Wintershall is disposing of lower growth assets, which for Tellus is an opening into a stable and dependable production base.”

For more on GlobalData’s “Monthly Upstream Deals Review – June 2015,” go here.