BUZZ-View from the buyside: AllianzGI buys more BP, Shell

** AllianzGI's Matthew Tillett takes advantage of depressed prices presented by the recent market meltdown to add to holdings in BP & Royal Dutch Shell as well as smaller cos (names undisclosed) in the sector

** Tillett, who runs the Allianz UK Unconstrained fund, flags that oversupply in the oil market is far less severe than it was in previous downturns e.g. 1980s, late 1990s & 2008

** PM envisages relative stability to return to the market over the next 1-2 years through a combination of production cuts & oil price recovery, so improving the sector's prospects

** View a contrarian one: earnings revisions for oil sector towards lowest since late 2008 Chart: http://link.reuters.com/raw63w

** But 14-16% declines in the 2 weeks to Wednesday have left valuations of BP & Shell near around multi-decade lows Chart: http://link.reuters.com/vaw63w

** BP & Shell (B) each account for about 4% of PM's portfolio

** The second big merger since oil prices started a 60 pct slide last year -- with Schlumberger (Hanover: SCL.HA - news) buying equipment maker Cameron International for $14.8 bln -- suggest some companies in the sector are eyeing a recovery (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)