Worldwide O&G Industry Quarterly Update: July–September 2023
This IDC Market Perspective provides an overview of the O&G industry in 3Q23. 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."Globally, O&G companies are carefully navigating the path of maintaining sustainable core operations while venturing into the low-carbon sector. This delicate balance is the driving force behind their tech investments, which will continue to evolve," 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, 3Q23
- E&P 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, 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
- Advice for the Services Provider
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- Related Research
- Synopsis
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