Oil and gas: there will be blood

The sector has seen a string of defaults and more are sure to follow. But one executive in the industry tells FinanceAsia the turmoil has created a $1 billion opportunity.

Watching the turmoil in the oil and gas sector, Raymond Sit sees opportunity. Talking to FinanceAsia in the wake of rising liquidity problems in the sector, the chairman of Brightoil Petroleum says he is now on the look-out for acquisitions among struggling companies.

He is going to be spoilt for choice.

When Brent crude oil was largely trading above $100 a barrel in 2012 and 2013, Asian oil and gas companies sold $117.2 billion of bonds, according to FinanceAsia’s analysis of Dealogic data. 

For banks and investors, this was a welcome source of returns. But since the...

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