Upstream deals boost oil and gas companies’ outlooks

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Upstream deals accounted for 72% of oil and gas deals announced in 2009, leading to a positive outlook for the sector in 2010, says Ernst & Young.

"The positive trends that we have seen in recent months are likely to continue into 2010 and the outlook for oil and gas transactions is healthy in upstream and oilfield services," says Andy Brogan, global oil and gas transaction advisory leader at Ernst & Young.

Ernst & Young says the increased oil price has generated a scurry of equity investment,