Energy giants from abroad shop around
By LYNN COOK Copyright 2009 Houston Chronicle
As falling commodity prices and rising debts force asset fire sales and bankruptcies in the energy industry, foreign companies are joining cash-rich American ones in looking for bargains on U.S. infrastructure and reserves.
“There’s interested international money out there still looking to do deep-water deals in the Gulf of Mexico and onshore as well,” said Houston-based Adrian Goodisman, a managing director with Scotia Waterous, the energy investment banking arm of the Bank of Nova Scotia.
Scotia Waterous officials say the firm closed $20 billion in energy deals last year, second only to Goldman Sachs. They weren’t all done before the financial crisis paralyzed Wall Street last fall, but many that came after were backed by foreign capital.