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

Executive Snapshot

New Market Developments and Dynamics

Industry Overview

Oil Geopolitics

GDP Trends, 3Q24

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: 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 H3O 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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