Mergers and acquisitions in the energy industry remained robust even during the financial turmoil in the second half of 2007, but activity for some types of deal is likely to be weaker in 2008. Takeovers by companies from emerging markets such as China and India slowed in 2007 and most of the biggest deals involved financial buyers or significant debt financing. Both of those factors are likely to be less evident in 2008 because of tighter credit conditions