Worldwide O&G Industry Quarterly Update: July–September 2024

Executive Snapshot

• Figure: Worldwide Oil and Gas Industry Quarterly Update, July–September 2024

New Market Developments and Dynamics

• Industry Overview

• Oil Geopolitics

• GDP Trends, 3Q24

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

• Exploration and Production Activity

• Rig Count

• Figure: Worldwide Oil Rig Count, October 2023–September 2024

• Liquid Fuel Production and Consumption

• Figure: World Liquid Fuels Production and Consumption Balance, October 2023–September 2024

• Oil Prices

• Figure: Brent and WTI Crude Oil Price Trends, October 2023–September 2024

• Natural Gas Prices

• Figure: Natural Gas Prices, October 2023–September 2024

• Listed O&G Companies' Performance

• S&P Global Oil Index

• Figure: S&P Global Oil Index, October 2023–September 2024

• S&P GSCI Natural Gas Index

• Figure: S&P GSCI Natural Gas Index, October 2023–September 2024

• Downstream: Refinery Operations

• New Market Developments and Dynamics

• M&As, Agreements, Reorganizations, and Major Business Developments, 3Q24

• ADNOC to Acquire a 35% Equity Stake in ExxonMobil's Hydrogen Production Facility in Texas

• Aramco to Acquire 50% Stake in Air Products Qudra's Blue Hydrogen Industrial Gases Company

• bp Acquires GETEC ENERGIE

• Canada's Tenaz Energy to Buy Dutch NAM's Offshore Assets for $180M

• Cepsa to Divest Liquefied Gas Unit Gasib

• ConocoPhillips to Proceed with $22.5M Acquisition of Marathon Oil

• Delek Logistics Partners Expands with Acquisition of H2O Midstream

• Denmark's DEA Green-Lights Wintershall Dea's Transfer of Its O&G, CO2 Assets to Harbour Energy

• OMV Announces Gas Discovery in the Norwegian Sea

• ONGC Videsh Limited Signs SPA to Acquire Stake in the ACG Oilfield in Azerbaijan

• Tellurian to Be Acquired by Woodside for $900M

• Upstream, 3Q24

• Chevron Starts Production at Anchor with Industry-First Deepwater Technology

• CNOOC Starts First Ultradeep Bohia Bay Well

• Eni Starts Gas Production from the Argo Cassiopea Field in the Strait of Sicily

• Eni to Develop Two Major Gas Fields in Indonesia's Kutei Basin

• Large O&G Discovery Springs Up Offshore Kuwait

• Major Oil and Gas Reserve Found in Pakistan's Waters

• Talos Energy Announces New O&G Discovery in the Gulf of Mexico, Expects More Discoveries from Ongoing Drilling Activities

• Petrobras Confirms Gas Discovery in Colombia

• Midstream, 3Q24

• ADNOC, Indian Oil Secure 15-Year LNG Deal

• Aramco to Increase Stake in EIG's MidOcean to 49%, Invest in Peru LNG

• Eni, SLB Join Up for Vibroacoustic Pipeline Integrity Monitoring and Analysis

• Kazakhstan Considers New Pipeline to Strengthen Gas Exports to China

• QatarEnergy, KPC to Supply Up to 3 mtpa of LNG to Kuwait

• Shell to Invest in Ruwais LNG Project in Abu Dhabi

• Shell Invests in Phase 2 of Surat Gas Project in Australia

• SIBUR to Build Ethylene Pipeline from NKNKh to Kazanorgsintez at 2.5x More Capacity by 2026

• Wolf Midstream Announces $1B Phase Two Expansion of Its NGL North System

• Downstream, 3Q24

• MIDOR Completes Expansion, Modernization of Alexandria, Egypt Refinery

• Ghana Breaks Ground on $12B First Phase of Downstream Petroleum Hub

• Gunvor Grows Its Asia Operations, Expanding into LPG, Naphtha, Gasoline, Aromatics, and Power

• Neste Expands Chemical Recycling Logistics Infrastructure at Its Porvoo, Finland Refinery

• Nigeria Seeking Operators for State-Owned Oil Refineries

• PETRONAS, Enilive, Euglena to Construct a Biorefinery in Malaysia

• Engineering, Procurement, and Construction/Installation/Commissioning Contracts (EPC/EPCI/EPCC), 3Q24

• CNPC, Kazakh Partners Ink Agreements on Energy Cooperation

• Eni, Snam Launch Ravenna CCS Project

• KMG, Sinopec Enter FEED for Proposed Atyrau PTA-PET Plant

• Saipem Lands $4B Contract from QatarEnergy

• TechnipFMC Awarded Subsea Contracts by Petrobras for Brazil's Pre-Salt Fields

• New Energy Business Investments, Contracts, and Major Business Developments, 3Q24

• bp, Iberdrola Announce FID for Largest Green Hydrogen Plant in Spain

• Cepsa, PreZero Spain to Recover Waste for the Production of Biomethane and Other Biofuels

• Eni, KMG to Construct 250MW Hybrid Power Plant in Kazakhstan

• ExxonMobil Signs Carbon Capture Agreement with CF Industries in Mississippi

• KMG, China's CVC to Cooperate in the Field of Waste Management

• Repsol, EDF Renewables Join Up for Offshore Wind in Spain and Portugal

• Repsol Signs Renewable Power Purchase Agreement with Microsoft

• TotalEnergies Launches Floating Offshore Wind Pilot Project to Supply Renewable Electricity to an Offshore O&G Platform in the North Sea

• TotalEnergies to Invest in a New Solar Portfolio of Over 1GW with Adani Green

• QatarEnergy Plans to Build 2GW Solar Power in Qatar

• ICT Ecosystem Major Acquisitions, Agreements, and ICT Contract Wins, 3Q24

• Eni with ITQuanta Launches Eniquantic

• Gazocean Smartens Up LNG Tanker Fleet with Compatriot Firm's Digital Solution

• IFS Completes $726B Copperleaf Acquisition

• Koch Ag & Energy Solutions Selects Cognite Data Fusion to Accelerate Digital Transformation

• Petrobras Launches a Digital Tool to Encourage CO2 Emission Reduction

• Petrobras PBR Plans to Boost Production with Digital Twin

• TotalEnergies to Partner with SLB for Innovative Digital Solutions

• Shell Accelerates CO2 Storage Modeling 100,000x Using NVIDIA Modulus

• SLB, Aramco to Develop Digital Solutions to Curb GHG Emissions

• SLB, Palo Alto Networks to Strength Cybersecurity for the Energy Sector

• SLB, TotalEnergies to Collaborate on Next-Generation Digital Solutions

• AI and GenAI, 3Q24

• ADNOC Deploys AIQ's RoboWell AI Solution in Offshore Operations

• ADNOC Deploys Pioneering AI-Enabled Process Optimization Technology

• ADNOC's Offshore SARB Field Commences AI-Enabled Digital Operations

• Cepsa Partners with OdiseIA to Promote Sustainability in AI Solutions

• Deloitte, AWS Work on GenAI and Quantum Computing

• Accenture Launches Custom LLM Models on NVIDIA AI Foundry

• Palantir Technologies, Tree Energy Solutions Partner to Utilize AI for Energy Transition

• Radix, Cognite to Deliver an Applications Library for Industry in AI

• SLB to Accelerate Co-Development of AI-Driven Digital Platform for Aker BP

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