The surge in energy industry mergers and acquisitions — marked by a series of megadeals among oil producers last year — is set to ramp up further in 2024 as interest rates decline, Enbridge Inc. Chief Executive Officer Greg Ebel said.

“As interest rates start to peak and perhaps come down — who knows exactly when that’s going to be — I actually think things may ramp up at that point,” Ebel said on Bloomberg Television. “After a couple years of tightening you see a couple years of easing, and people will be looking for those growth opportunities.”