SCALING UP

摘要

At first, the comment that 2013 augurs "more of the same" for oil and gas invest-ment appears deprecating, a bit like the phrase "same old, same old." But this time around, even if the bill of fare looks familiar to energy investment bankers, the upside is the magnitude or scale of the opportunity—a welcome surprise, were it to materialize, against a backdrop of ongoing European travails, postelection politics, the uncertainty of tax reform in the U.S., the so-called fiscal cliff, and more. Jefferies & Co. vice chairman Ralph Eads HI notes that while the pace of activity in the new year may not vary much, up or down, versus 2012, and transaction types may not stray far from the joint ventures, asset sales and M&A work performed in 2012, the size of the U.S. energy opportunity is scaling up.