A study from research and consulting firm Wood Mackenzie found that mergers in the energy industry have generated value, due largely in part to surging oil and gas prices.

In a review of 195 deals by 38 companies between 2001 and 2006, the study found that $204 billion in value was created, with an additional $34 billion of value generated through access to discovered resource opportunities.

“The main element of value creation through M&A deals has been the change in oil and gas prices which has created $327 billion of value,” the study said. “Other factors which counter this value creation, include changing expectations on assets, industry-wide cost inflation and tax changes, reduce the value by $123 billion.”

More than 80 percent of all of the deals created value, while almost 90 percent of transactions done between 2001 and 2004 showed benefits.

“In the current environment of increasing prices and increasing costs, it has taken on average three years for deals to achieve returns in excess of 15%, with returns generally increasing the longer the asset is held, such deals benefiting from the rise in commodity prices,” the study said.

Average returns from North American deals were less than those elsewhere, due in part to competitive pressures, the study found. Europe showed the highest returns, driven by Statoil’s SDFI purchase.

“Looking forward, the benefits to purchasing companies of increasing commodity prices will continue to be adversely affected by higher costs, potentially more aggressive fiscal regimes as well as increasingly competitive prices which need to be paid to acquire the assets,” the study said.