Worldwide O&G Industry Quarterly Update: January-March 2024
This IDC Market Perspective provides an overview of the O&G industry in 1Q24. It covers M&As, agreements, reorganizations, and major business developments; upstream, midstream, and downstream deals; global LNG contracts; EPC deals; major ICT ecosystem acquisitions and agreements; and ICT contract wins."The surge in AI/GenAI investments in the O&G industry signifies a pivotal shift toward an ever-growing need for process efficiency, and workers' productivity, marking a transformative journey toward a sustainable business," said Gaurav Verma, research manager, IDC Energy Insights.
Please Note: Extended description available upon request.
- Executive Snapshot
- New Market Developments and Dynamics
- Industry Overview
- Oil Geopolitics
- GDP Trends, 1Q24
- Exploration and Production Activity
- Rig Count
- Liquid Fuel Production and Consumption
- Oil Prices
- Natural Gas Prices
- Listed O&G Companies' Performance
- S&P Global Oil Index
- S&P GSCI Natural Gas Index
- 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
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- Related Research
- Synopsis
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