The Sunday Times
November 1, 2009
The era of the oil industry mega merger is over, according to the chief executive of BP.
Tony Hayward said that there is no industrial logic at all to the type of big-ticket takeovers that transformed the industry a decade ago. The industry will be defined instead by partnerships between the big companies and the new generation of state-owned rivals and governments of resource-rich countries.
We need access to new resources and we need access to new customers. Combining with another oil giant gives us neither, he said in an interview with The Sunday Times.