Big Oil back on the acquisition trail, eyeing smaller targets

London

THE WORLD'S top oil companies are back in acquisition mode, targeting smaller exploration and development firms to boost oil and gas reserves rather than the mega-mergers that followed previous slumps in crude prices.

Since late November, major oil companies have announced 11 deals worth more than US$500 million each with a combined value of US$31 billion, the clearest sign yet that oil executives are more confident a recovery is underway.