Worldwide O&G Industry Quarterly Update: October-December 2023

Executive Snapshot

• Figure: Executive Snapshot: Oil and Gas Industry Quarterly Update, October–December 2023

New Market Developments and Dynamics

• Industry Overview

• Oil Geopolitics

• Geopolitical Risks in the Middle East

• Western Allies' Sanctions on Russia

• GDP Trends, 3Q23

• Figure: Worldwide Real GDP Growth by Region, January 2024

• Exploration & Production (E&P) Activity

• Rig Count

• Figure: Worldwide Oil Rig Count, January–December 2023

• Liquid Fuel Production and Consumption

• Figure: World Liquid Fuels Production and Consumption Balance, January-December 2023

• Oil Prices

• Figure: Brent and WTI Crude Oil Price Trends, January–December 2023

• Natural Gas Prices

• Figure: Natural Gas Prices, January-December 2023

• Listed O&G Companies' Performance

• S&P Global Oil Index

• Figure: S&P Global Oil Index, January-December 2023

• S&P GSCI Natural Gas Index

• Figure: S&P GSCI Natural Gas Index, January-December 2023

• Downstream, 4Q23

• Upstream Licenses Round Agreements, 4Q23

• Israel Awards Gas Exploration Licenses to Oil Companies

• U.K. Regulator Awards 27 Oil, Gas Exploration Licenses

• M&As, Agreements, Reorganizations, and Major Business Developments, 4Q23

• Aker Solutions, SLB, and Subsea 7 Create Subsea Joint Venture

• Aramco to Acquire a 40% Stake in Gas & Oil Pakistan

• Chevron to Buy U.S. Oil Producer Hess for $53 Billion

• Equinor Sells All its Interests in Azerbaijan to SOCAR

• ExxonMobil Buys Pioneer Natural Resources for Nearly $60 Billion

• Libya's NOC, Equinor Collaborate to Unlock Offshore Oil and Gas

• Oxy Oman, OQGN Sign MOU for a Strategic Collaboration in Oman

• Sonatrach, Wintershall Deal Establishes Scientific and Technical Cooperation

• Woodside Energy, Santos Eye Merger to Create $52 Billion LNG Titan

• Upstream, 4Q23

• Aker BP Begins Production From KEG Oil Field in Offshore Norway

• bp Reaching First Production From Seagull in the North Sea

• ExxonMobil Makes Oil & Gas Discovery in Stabroek Block in Offshore Guyana

• Equinor Makes Gas Discovery by Gina Krog in the North Sea

• NOC Begins Drilling in Partnership With TotalEnergies, ConocoPhillips

• Petronas Makes Oil Discovery in Exploration Well Offshore Suriname

• Texas Regulator Issues 700 Original Oil, Gas Drilling Permits in October 2023

• TotalEnergies Acquires Interests in Two Offshore Blocks in Namibia

• TotalEnergies Plans $6 Billion Investment in Nigerian Oil and Gas Assets

• Midstream, 4Q23

• ADNOC Signs LNG Deal With Unit of China's ENN

• Canada to Sell Trans Mountain Pipeline Stake to Indigenous Groups

• Delfin to Supply Gunvor With LNG for 15 Years From Facility Offshore Louisiana

• Europe Approves $105 Million in State Funding for Greek LNG Terminal

• OMV, Cheniere Sign Long-Term LNG Supply Agreement

• QatarEnergy, Eni Secure 27-Year LNG Supply Agreement for Italy

• Saudi Arabia Strengthens Ties With South Korea in Oil Storage Deal

• TotalEnergies Extends Partnership With Oman LNG

• Shell to Extend Partnership With Oman LNG

• Downstream, 4Q23

• Aramco Enters South American Retail Fuel Market

• Aramco, SABIC Eye Multibillion Megaprojects with China's Sinopec

• Eni, Saipem Agree to Develop New Biorefineries

• OMV Supplies Ryanair With 500 Tons Sustainable Aviation Fuel in 2023

• Sonangol, CNCEC to Construct the Lobito Refinery in Angola

• Petrobras Processes 100% Renewable Feed in Riograndense FCC

• QatarEnergy Awards Contract for Laffan Refinery Upgrade to Chiyoda Corporation

• Vitol Completes Biofuel Delivery in UAE

• Engineering, Procurement, and Construction/Installation/Commissioning Contracts (EPC/EPCI/EPCC), 4Q23

• ADNOC Awarded Contract to Saipem Worth $4.1 Billion in UAE

• ExxonMobil, Equinor Award Saipem Two Offshore Contracts

• Petrobras Taps TechnipFMC for up to $250 Million Riser Pipe Project

• Rosetti Marino Wins $300 Million Contract for Offshore Libya Project

• TechnipFMC Wins Flexible Pipe Contract for Woodside Trion Project Offshore Mexico

• Sonangol, CNCEC Joined for Refinery Construction in Angola

• New Energy Business Investments, Contracts, and Major Business Developments, 4Q23

• ADNOC, Fertiglobe to Pilot Modular Carbon Capture Technology

• Aquaterra Energy to Support CO2 Injection Platform for CCS Project Offshore Denmark

• Aramco, ENOWA to Develop e-Fuel Demonstration Plant

• ExxonMobil, PT Pertamina to Develop $2 Billion CCS Hub in Java Sea

• ExxonMobil Drilling First Lithium Well in Arkansas

• Eni Rovuma Basin Starts Producing Vegetable Oil for Biorefining in Mozambique

• Porthos Chooses MAN Energy Solutions for CCS Project

• Romania's OMV Petrom to Acquire 50% of Local Company Respira Verde

• Santos, APA Group Joins for Moomba Decarbonization Hub in Australia

• Versalis to Construct Plastics Chemical Recycling Plant in Mantua, Italy

• ICT Ecosystem Major Acquisitions, Agreements, and ICT Contract Wins, 4Q23

• ABB Drives CCS Progress by Adding Subsurface Modeling to Its Digital Twin

• AIQ, ADNOC, SLB Launch AI-Driven Solution to Transform Upstream Field Development

• Aveva to Boost Efficiency Using Advanced Analytics

• CGG, LightOn Join to Support Industrial AI Development for Energy Sector

• CGI, Google Expand Partnership to Drive Industry-Specific Innovation in the Responsible Use of Generative AI

• Exebenus AS, Kongsberg Digital Form Strategic Partnership

• Greensea IQ Unveils Service Robot for Hull Maintenance

• Halliburton, AIQ Partner With ADNOC to Launch an AI-Driven Solution

• Halliburton, Sekal to Launch Well Construction Solutions for Oil & Gas Industry

• Norway's Vår Energi's Taps Vissim for Offshore Oil Spill Detection Solution

• Nauticus Robotics to Acquire 3D at Depth in $34 Million All-Stock Deal

• NOV, AKM Partner to Deliver Data Analytics Platform for Drilling Operations

• Oliasoft, Tullow Oil Sign Software Licensing Agreement for Oliasoft WellDesign

• Petrobras Chooses Miros to Update its Oil Spill Detection System

• Santos, Kelvin.ai Sign Software Agreement in Onshore Upstream Production

• Shell, SLB, AWS Join to Accelerate OSDU Data Platform Adoption

• SLB Partners With Geminus AI to Deploy AI Model Builder for Oil and Gas

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