Worldwide O&G Industry Quarterly Update: January-March 2024

Executive Snapshot

• Figure: Worldwide Oil and Gas Industry Quarterly Update, January-March 2024

New Market Developments and Dynamics

• Industry Overview

• Oil Geopolitics

• GDP Trends, 1Q24

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

• Exploration and Production Activity

• Rig Count

• Figure: Worldwide Oil Rig Count, April 2023–March 2024

• Liquid Fuel Production and Consumption

• Figure: World Liquid Fuels Production and Consumption Balance, April 2023-March 2024

• Oil Prices

• Figure: Brent and WTI Crude Oil Price Trends, April 2023–March 2024

• Natural Gas Prices

• Figure: Natural Gas Prices, April 2023-March 2024

• Listed O&G Companies' Performance

• S&P Global Oil Index

• Figure: S&P Global Oil Index, April 2023-March 2024

• S&P GSCI Natural Gas Index

• Figure: S&P GSCI Natural Gas Index, April 2023-March 2024

• Downstream, 1Q24

• Upstream Licenses Round Agreements, 1Q24

• India OALP IX Bid Round

• Norway Awards 62 Offshore Exploration Licenses

• NSTA Awards 24 Licenses in Second Tranche of the U.K.'s 33rd O&G Licensing Round

• Zanzibar Launches Inaugural O&G Licensing Round

• M&As, Agreements, Reorganizations, and Major Business Developments, 1Q24

• bp to Acquire GETEC ENERGIE Gmbh, Expanding bp's Integrated Energy Offering to Commercial and Industrial Customers in Europe

• Diamondback Energy, Endeavor Energy Resources to Merge

• Chevron, JX Sign MOU For Collaboration on Development of CCS Value Chain

• EQT to Acquire Mountain Valley Pipeline Owner for $5.5B

• SLB Announces Agreement to Acquire ChampionX in All-Stock Transaction

• Southwestern, Chesapeake Energy Merger to Create $17B U.S. Natural Gas Company

• Shell Sells Nigerian Onshore Oil Business For $2.4B

• Upstream, 1Q24

• Aquaterra Energy Secures Offshore Contract with U.K. Oil and Gas Operator

• bp to Develop Egyptian Natural Gas, Drilling Projects with $1.5B Investment

• CNOOC Makes Deepwater Oil and Gas Discovery in South China Sea

• EOG Resources to Invest $4.2B In Drilling, Exploration Operations

• Eni Makes Oil and Gas Discovery Offshore West Africa

• Iran Grants $13B in Contracts to Boost Domestic Oil Production

• Petrobras to Invest $7.5B for Oil and Gas Exploration Offshore Brazil

• PETRONAS Secures 20-Year Extension for Oil Production Asset Offshore Indonesia

• Prairie Operating Acquires DJ Basin Exploration, Production Assets for $94.5M

• Shell to Develop Victory Natural Gas Field Offshore U.K.

• Trio Petroleum Restarts Production from California's Ranch Oil Field

• Valaris Wins $519M Drillship Contract Offshore Brazil From Petrobras

• Midstream, 1Q24

• ADNOC Signs Second 15-Year Agreement for Ruwais LNG Project

• DeepOcean Secures Subsea Pipeline Contract from Equinor

• EQT Enters Into 15-Year Tolling Agreement with Texas LNG

• Technip Energies Hands Over Coral Sul FLNG Unit to Eni

• QatarEnergy Signs 15-year LNG Supply Deal with Excelerate Energy

• Vitol, GAIL Sign Long-Term LNG Supply Deal into India

• Woodside Energy to Sell $1.4B Stake in LNG Project to Japan's JERA

• Downstream, 1Q24

• Eni Plans Bio-Refinery Construction at Former Oil Plant Site in Italy

• Equinor Awards Refinery Carbon Capture Feasibility Contract to Aker Solutions

• MAIRE's Tecnimont Wins $1.1B Contract in Algeria

• Neste Launches its Neste Impact Solution for Businesses to Reduce Their Aviation Emissions with SAF

• Saudi's SABIC Gives Go-Ahead For $6.4 B China Petrochemical Plant

• Shell to Grow Company-Owned U.S. Retail Sites with Acquisition of Brewer Oil Company

• Spain's Cepsa, Apical Begin Work on Southern Europe's Biggest Biofuels Plant

• Uganda in Talks with UAE Investment Firm over Planned Oil Refinery

• Engineering, Procurement, and Construction/Installation/Commissioning Contracts (EPC/EPCI/EPCC), 1Q24

• Baker Hughes Signs Well Construction Contract with Petrobras for Work Offshore Brazil

• Saipem Signs U.K. Deal for CO2 Transport, Storage

• Subsea7 Wins Large Contract for Woodside's Deepwater Oil Field

• QatarEnergy Awards $6B EPC Contracts

• TechnipFMC Secures Subsea Contract from Petrobras for Brazilian Mero 3 Project Worth Over $1B

• TechnipFMC Wins Subsea Contract in Gulf of Mexico from bp

• New Energy Business Investments, Contracts, and Major Business Developments, 1Q24

• Baker Hughes to Advance Energy Transition with New Hydrogen Milestones

• Bp Pulse Acquires One of Europe's Largest Truck Stops, Unveiling Ambitious Plans to Help Electrify HGVs

• Chevron Announces its First Solar-to-Hydrogen Production Project in California's Central Valley

• Eni Signs Strategic Agreements with Kazakh Companies

• Eni's Plenitude to Develop Offshore Wind Projects in Spain

• Repsol to Exceed 600 Service Stations with Renewable Fuel in 2024

• TotalEnergies Acquires Leading German Battery Storage Developer Kyon Energy

• ICT Ecosystem Major Acquisitions, Agreements, and ICT Contract Wins, 1Q24

• AIQ Brings Energy Industry Automation Solutions to AWS Marketplace

• Aize Signs Agreement with ExxonMobil Guyana, SBM Offshore to Deploy Digital Twin Software Offshore Guyana

• Baker Hughes Unveils New Digital Solutions for Cleaner Energy

• Chevron, Eliis to Collaborate on AI Algorithms for Seismic Interpretation

• ChampionX Acquires ALP to Expand Digital Solutions

• FutureOn, Rystad Energy Launch Cost Estimation Tool for Energy

• Hexagon Acquires Itus Digital to Expand APM Capabilities

• S&P Global Commodity Insights, AWS Empower Digital Transformation in Upstream O&G Industry

• Shell Partners with Optime Subsea to Conduct First Remotely Controlled Well Completion Offshore Nigeria

Advice for Technology SupplierS

Learn More

• Related Research

• Synopsis