Worldwide O&G Industry Quarterly Update: July–September 2023

Executive Snapshot

• Figure: Executive Snapshot: Oil and Gas Industry Quarterly Update, July–September 2023

New Market Developments and Dynamics

• Industry Overview

• Oil Geopolitics

• GDP Trends, 3Q23

• Figure: Worldwide Real GDP Growth by Region, 2023

• E&P Activity

• Rig Count

• Figure: Worldwide Oil Rig Count, October 2022–September 2023

• Liquid Fuel Production and Consumption

• Figure: World Liquid Fuels Production and Consumption Balance, October 2022–September 2023

• Oil Prices

• Figure: Brent and WTI Crude Oil Price Trends, October 2022–September 2023

• Natural Gas Prices

• Figure: Natural Gas Prices, October 2022–September 2023

• Listed O&G Companies' Performance

• S&P Global Oil Index

• Figure: S&P Global Oil Index, October 2022–September 2023

• S&P GSCI Natural Gas Index

• Figure: S&P GSCI Natural Gas Index, October 2022–September 2023

• Downstream, 3Q23

• Upstream Licenses Round and E&P Agreements, 3Q23

• Ministry of Petroleum and Mineral Resources Egypt Launches International Bidding Round

• Norwegian Ministry of Petroleum and Energy's Annual APA Licensing Round 2023

• U.K. Issues Permit for Oil and Gas Drilling in Yorkshire

• M&As, Agreements, Reorganizations, and Major Business Developments, 3Q23

• AltaGas to Acquire Tidewater's Natural Gas Assets in Canada

• APA to Acquire Alinta Energy's Power Assets for $1.1 Billion

• Eni Acquires Chevron's Assets in Indonesia

• Equinor Acquires Brazilian Onshore Renewables Company Rio Energy

• Precision Drilling Signs Deal to Buy CWC Energy Services

• Shell to Sell Home Energy Business in U.K., Germany to Octopus Energy

• TotalEnergies, Inpex to Acquire PTTEP's Stake in Australia Offshore Permit

• Upstream, 3Q23

• CNOOC Plans Offshore Oil, Gas Exploration in Tanzania

• Brazil's Petrobras Plans to Install 11 New Offshore Platforms by 2027

• Cheiron Hits Oil in the Gulf of Suez

• Equinor Makes New Discovery in the North Sea

• IPR Hits More Oil in Egypt

• Nostrum Approves Limited Drilling Program for Kazakhstan Field

• OMV Announced New Gas Discovery in Austria

• OMV Petrom Discovers New Crude, Gas Deposits in Romania

• Petronas Makes Six Oil & Gas Discoveries on Borneo

• SLB Receives Drilling Contract for Three Libya Wells

• SFL, Odjfell Ink Contracts With Equinor for Deepsea Operations

• Midstream, 3Q23

• ADNOC Gas Signs LNG Supply Deal With PetroChina

• ADNOC Inks Long-Term LNG Supply Deal With Japanese Giant

• bp, OMV Sign a 10-year LNG Supply Agreement

• bp Signs LNG Offtake Deal With Woodfibre LNG in Canada

• Commonwealth LNG Signs Supply Deal With MET Group

• Canada to Sell Pipeline Stake to Indigenous Groups

• ConocoPhillips Signs Long-Term LNG Deal in the Netherlands

• Enbridge Signs $14 Billion Deal to Buy Dominion Energy's Gas Companies

• Novatek Assigned to Build Kamchatka LNG Import Terminal

• Western Midstream Signs $885 Million Deal to Acquire Meritage Midstream

• Downstream, 3Q23

• Aconcagua Refinery Reduces Emissions With BELCO Gas Cleaning Technology

• Between January and August, refinery throughput went up 11.9% year over year to 14.76 million bpd. Refinery throughputs are likely to remain elevated as China has just issued the third batch of fuel export quotas for this year.

• China's Refinery Throughput Jumps to Record Highs

• Eni Sustainable Mobility and LG Chem Join Forces for Biorefinery in South Korea

• Exxon Starts Up $2 Billion Chemical Production Expansion in Baytown

• India's ONGC to Invest in Petrochemical Company OPaL

• Neste Expands its Capability to Supply Renewable Fuels in Southern California

• Prax Group Acquires OIL! Tankstellen's 340 European Sites

• Engineering, Procurement, and Construction/Installation/Commissioning Contracts (EPC/EPCI/EPCC), 3Q23

• ADNOC to Launch High-Speed Hydrogen Refueling Station in the Middle Eas

• QatarEnergy Awards $560 Million North Field Deal to Técnicas Reunidas

• Saipem Secures Contracts in Offshore Italy, Ivory Coast

• Wood Signs $330 Million Deal With U.K. Oil and Gas Producer

• New Energy Business Investments, Contracts, and Major Business Developments, 3Q23

• Aker BP, Höegh LNG Team Up for Carbon Transport and Storage

• Bayu-Undan JV Sign MOU With TIMOR GAP on Carbon Capture and Storage

• bp Invests in WasteFuel to Expand in Bioenergy

• Chevron, Cummins Joined for Strategic Collaboration

• Chevron Acquires Stake in the Clean Energy Storage Hydrogen Project in Delta

• Equinor Invests in Carbon Capture and Storage Projects in the U.S.

• Hywind Tampen Wind Farm Opens in Norway

• Occidental Petroleum to Acquire Carbon Capture Technology Supplier

• The EV Network, bp pulse Unveil Public EV Charging Hub in the U.K.

• TotalEnergies, Partners to Develop Aramis CO2 Project

• TotalEnergies, Partners to Invest in Zhero Europe's Green Energy Expansion

• ICT Ecosystem Major Acquisitions, Agreements, and ICT Contract Wins, 3Q23

• ABB Launches I/O Series to Meet Digital Demands of Oil and Gas Fields

• Aramco, OQ Technology Sign MOU for Technology Connectivity

• bp Signs Agreement for Dynamon to Optimize Lower Emission Solutions

• eDrilling Launches wellPlanner DWP Software for Halliburton Digital Well

• Eni, SLB Join to Deploy e-vpms

• Equinor Selects Nauticus Robotics for Leak Detection Technology

• Galp Pushes Digital Transformation Across Station Network

• Halliburton Introduces Intelevate Digital Platform

• Petrobras Signs Five-Year Contract for Digital Transformation With SLB

• Petronas, AIQ Partner to Develop AI Solutions for a More Sustainable Energy Industry on a Global Scale

• SLB, Quorum Software Launch Solution to Optimize Field Development Planning

• Generative AI, 3Q23

• Cegal, Petronas, Microsoft Collaborate on AI, High-Performance Computing on Azure

• INEOS Energy Signs Technology Partnership Agreement With SLB

• Microsoft, Accenture Partner to Tackle Methane Emissions With AI Technology

• Petronas, AIQ Sign MOU to Scale AI Solutions

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