Oil and gas dealmakers are set for an upturn in their fortunes, according to an industry survey that suggests mergers and acquisitions activity could surge in the rest of 2016.

Law firm Ashurst surveyed 50 oil and gas companies, financiers, investors and bankers. The results, published on May 25, showed that most of the respondents - 83% - believe M&A activity will increase over the next three to five years. Those polled expect an average 50% rise in the number of deals in 2016.