Impact of the Liquidity Crunch on M&A activities in the Oil and Gas sector?

All of us know about the current liquidity crunch facing the O&G sector. I had a couple of queries around the same. Lets see what the general opinion is:

1. How do you see the trend of PE cash flows in M&A activities in oil and gas sector for coming next couple of years?
2. Considering the current global liquidity crunch, how would you comment on the role of PE firms as a tool for financing deals in oil and gas sector?
3. Do you feel that increasing power of SWFs and oil-rich countries in M&As have been a main factor responsible to accelerate the activities in the oil and gas deal market?
4. Which oil and gas geography is the best landscape for PE firms to invest in currently and why?