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? ...