Worldwide O&G Industry Quarterly Update: October-December 2023
This IDC Market Perspective provides an overview of the O&G industry in 4Q23. 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."Amid the growing external push for stronger climate policies and promises of achieving net-zero emissions, oil and gas companies' technology adoption will increasingly be driven by their needs for navigating the energy transition effectively and efficiently," 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
- Geopolitical Risks in the Middle East
- Western Allies' Sanctions on Russia
- GDP Trends, 3Q23
- Exploration & Production (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, 4Q23
- Upstream Licenses Round Agreements, 4Q23
- Israel Awards Gas Exploration Licenses to Oil Companies
- U.K. Regulator Awards 27 Oil, Gas Exploration Licenses
- M&As, Agreements, Reorganizations, and Major Business Developments, 4Q23
- Aker Solutions, SLB, and Subsea 7 Create Subsea Joint Venture
- Aramco to Acquire a 40% Stake in Gas & Oil Pakistan
- Chevron to Buy U.S. Oil Producer Hess for $53 Billion
- Equinor Sells All its Interests in Azerbaijan to SOCAR
- ExxonMobil Buys Pioneer Natural Resources for Nearly $60 Billion
- Libya's NOC, Equinor Collaborate to Unlock Offshore Oil and Gas
- Oxy Oman, OQGN Sign MOU for a Strategic Collaboration in Oman
- Sonatrach, Wintershall Deal Establishes Scientific and Technical Cooperation
- Woodside Energy, Santos Eye Merger to Create $52 Billion LNG Titan
- Upstream, 4Q23
- Aker BP Begins Production From KEG Oil Field in Offshore Norway
- bp Reaching First Production From Seagull in the North Sea
- ExxonMobil Makes Oil & Gas Discovery in Stabroek Block in Offshore Guyana
- Equinor Makes Gas Discovery by Gina Krog in the North Sea
- NOC Begins Drilling in Partnership With TotalEnergies, ConocoPhillips
- Petronas Makes Oil Discovery in Exploration Well Offshore Suriname
- Texas Regulator Issues 700 Original Oil, Gas Drilling Permits in October 2023
- TotalEnergies Acquires Interests in Two Offshore Blocks in Namibia
- TotalEnergies Plans $6 Billion Investment in Nigerian Oil and Gas Assets
- Midstream, 4Q23
- ADNOC Signs LNG Deal With Unit of China's ENN
- Canada to Sell Trans Mountain Pipeline Stake to Indigenous Groups
- Delfin to Supply Gunvor With LNG for 15 Years From Facility Offshore Louisiana
- Europe Approves $105 Million in State Funding for Greek LNG Terminal
- OMV, Cheniere Sign Long-Term LNG Supply Agreement
- QatarEnergy, Eni Secure 27-Year LNG Supply Agreement for Italy
- Saudi Arabia Strengthens Ties With South Korea in Oil Storage Deal
- TotalEnergies Extends Partnership With Oman LNG
- Shell to Extend Partnership With Oman LNG
- Downstream, 4Q23
- Aramco Enters South American Retail Fuel Market
- Aramco, SABIC Eye Multibillion Megaprojects with China's Sinopec
- Eni, Saipem Agree to Develop New Biorefineries
- OMV Supplies Ryanair With 500 Tons Sustainable Aviation Fuel in 2023
- Sonangol, CNCEC to Construct the Lobito Refinery in Angola
- Petrobras Processes 100% Renewable Feed in Riograndense FCC
- QatarEnergy Awards Contract for Laffan Refinery Upgrade to Chiyoda Corporation
- Vitol Completes Biofuel Delivery in UAE
- Engineering, Procurement, and Construction/Installation/Commissioning Contracts (EPC/EPCI/EPCC), 4Q23
- ADNOC Awarded Contract to Saipem Worth $4.1 Billion in UAE
- ExxonMobil, Equinor Award Saipem Two Offshore Contracts
- Petrobras Taps TechnipFMC for up to $250 Million Riser Pipe Project
- Rosetti Marino Wins $300 Million Contract for Offshore Libya Project
- TechnipFMC Wins Flexible Pipe Contract for Woodside Trion Project Offshore Mexico
- Sonangol, CNCEC Joined for Refinery Construction in Angola
- New Energy Business Investments, Contracts, and Major Business Developments, 4Q23
- ADNOC, Fertiglobe to Pilot Modular Carbon Capture Technology
- Aquaterra Energy to Support CO2 Injection Platform for CCS Project Offshore Denmark
- Aramco, ENOWA to Develop e-Fuel Demonstration Plant
- ExxonMobil, PT Pertamina to Develop $2 Billion CCS Hub in Java Sea
- ExxonMobil Drilling First Lithium Well in Arkansas
- Eni Rovuma Basin Starts Producing Vegetable Oil for Biorefining in Mozambique
- Porthos Chooses MAN Energy Solutions for CCS Project
- Romania's OMV Petrom to Acquire 50% of Local Company Respira Verde
- Santos, APA Group Joins for Moomba Decarbonization Hub in Australia
- Versalis to Construct Plastics Chemical Recycling Plant in Mantua, Italy
- ICT Ecosystem Major Acquisitions, Agreements, and ICT Contract Wins, 4Q23
- ABB Drives CCS Progress by Adding Subsurface Modeling to Its Digital Twin
- AIQ, ADNOC, SLB Launch AI-Driven Solution to Transform Upstream Field Development
- Aveva to Boost Efficiency Using Advanced Analytics
- CGG, LightOn Join to Support Industrial AI Development for Energy Sector
- CGI, Google Expand Partnership to Drive Industry-Specific Innovation in the Responsible Use of Generative AI
- Exebenus AS, Kongsberg Digital Form Strategic Partnership
- Greensea IQ Unveils Service Robot for Hull Maintenance
- Halliburton, AIQ Partner With ADNOC to Launch an AI-Driven Solution
- Halliburton, Sekal to Launch Well Construction Solutions for Oil & Gas Industry
- Norway's Vår Energi's Taps Vissim for Offshore Oil Spill Detection Solution
- Nauticus Robotics to Acquire 3D at Depth in $34 Million All-Stock Deal
- NOV, AKM Partner to Deliver Data Analytics Platform for Drilling Operations
- Oliasoft, Tullow Oil Sign Software Licensing Agreement for Oliasoft WellDesign
- Petrobras Chooses Miros to Update its Oil Spill Detection System
- Santos, Kelvin.ai Sign Software Agreement in Onshore Upstream Production
- Shell, SLB, AWS Join to Accelerate OSDU Data Platform Adoption
- SLB Partners With Geminus AI to Deploy AI Model Builder for Oil and Gas
- Advice for Technology SupplierS
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- Related Research
- Synopsis
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