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The total value of global energy deals climbed to $322 billion in 2012, up 7% from 2011.

The biggest single deal was the purchase by Russian oil giant Rosneft of Anglo-Russian competitor TNK BP.

But it’s activity in the U.S. and Canada that’s driving the pace of M & A activity. Roger Ihne is a principal in Deloitte Consulting’s Houston office,

“North American unconventional resources continue to attract by far the most attention in the world, and both domestic as well as just about every international player and investor is focusing their efforts on North America.”

Meanwhile, the overall number of global energy deals dropped 17% last year to less than 580. Ihne says the drop was partly due to political uncertainty over U.S. tax and fiscal policy.