Deloitte issued an update to its Oil & Gas Mergers and Acquisitions Report in which it examined the M&A market in 2015 and what to look for during the rest of the year and into 2016. Deloitte cited the purchase of BG Group by Royal Dutch Shell as the primary driver in recovery of aggregate activity in Q2/15.

However, Deloitte maintained that M&A deal value has remained relatively low overall, explaining that the industry is in a “holding pattern while the implications and impacts of the oil price downturn play out.”

As far as an outlook for 2016, Deloitte noted that factors that have that have been prevalent this year are likely to change, particularly the availability of capital, which could create a healthier deal-making environment. However, the length of the price downturn will continue to have an impact, building pressure on lenders to “shore up balance sheets with asset sales.”

Access the full report from Deloitte here.