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Worldwide O&G Industry Quarterly Update: April-June 2024

Publisher IDC
Published Aug 15, 2024
Length 29 Pages
SKU # IDC19091515

Description

Worldwide O&G Industry Quarterly Update: April-June 2024


This IDC Market Perspective provides an overview of the O&G industry in 2Q24. 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 shifting market dynamics and energy transitions, global oil and gas companies are prioritizing the optimization of existing processes and investing in efficient technologies over traditionally aggressive expansion and resource expenditure," said Gaurav Verma, research director, IDC Energy Insights.

Please Note: Extended description available upon request.

Table of Contents

29 Pages

Executive Snapshot

New Market Developments and Dynamics

Industry Overview

Oil Geopolitics

EU Hits Russia with Sanctions Targeting LNG for the First Time

China's EV Boom Concerns the U.S. and EU

Houthis Continue to Escalate Attacks on Oil Tankers, Ships in the Red Sea

OPEC's Oil Production Continues to Rise Despite Agreed Quota

GDP Trends, 2Q24

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, 2Q24

Upstream Licenses Round Agreements, 2Q24

Iraq Launches Oil, Gas Licensing Round for 29 Projects

NSTA Allocates 31 New Offshore Oil and Gas Licenses in the U.K. North Sea

NUPRC Unveiled 2024 Oil Block Licensing Round

M&As, Agreements, Reorganizations, and Major Business Developments, 2Q24

ConocoPhillips to Acquire Marathon Oil Corporation in All-stock Transaction

ITHACA Energy Acquires Eni's U.K. Business

Shell Signs Agreement to Acquire Pavilion Energy

SLB Agrees to Acquire ChampionX in an All-Stock Transaction

SLB OneSubsea, Subsea7 Sign Agreement with Equinor

TotalEnergies Sells West of Shetland Assets to Prax

Upstream, 2Q24

Aker BP, Partners Find Gas in Barents Sea

Eni Agrees to Sell Upstream Assets in Alaska to Hilcorp

Rhino Resources, Halliburton Sign Contract for Integrated Deep-Water Services Offshore Namibia

ORLEN Group Acquires Stake in Atlantis Field on Norwegian Continental Shelf

Sonatrach JV Chooses Viridien for Eastern Algeria Onshore Seismic Study

SLB Awarded Three Completion Contracts for Petrobras' Buzios Field

Midstream, 2Q24

ADNOC Takes FID on Ruwais LNG Project

ADNOC Secures Equity Position and LNG Offtake Agreement

ADNOC to Acquire 10% Equity Stake in Major LNG Development in Mozambique

Equinor, GRTgaz to Develop CO2 Transport System in France

Genting Awards $963M FLNG Facility Contract to China's Wison New Energies

ORLEN Group to Deliver Another 1 bcm of Self-Produced Gas via Baltic Pipe

Saudi Aramco Signs 20-Year LNG Supply Deal with NextDecade

Downstream, 2Q24

Aramco to Acquire 10% Stake in Chinese Company Hengli Petrochemical

Aramco, Rongsheng Explore New Opportunities in KSA and China

BASF, SABIC, Linde Celebrate Inaugurated Electrically Heated Steam Cracking Furnace

India's BPCL Plans to Set Up New Refinery with $6B Investment

LUKOIL Expands Its Fuel Stations Network in Uzbekistan

Engineering, Procurement, and Construction/ Installation/ Commissioning Contracts (EPC/EPCI/EPCC), 2Q24

Aramco Awards Contracts to Expand its Fadhili Gas Plant in Saudi Arabia

Woodside Energy Awards Baker Hughes Multiyear Services Frame Agreement to Support Australian LNG Operations

TechnipFMC Secures iEPCI Contract from Woodside Energy

New Energy Business Investments, Contracts, and Major Business Developments, 2Q24

bp to Acquire Full Ownership of Its Brazilian Biofuels Joint Venture

Equinor Secures Exploration Permit for CO2 Storage in Denmark

IndianOil, GPS Renewables Form JV for Sustainable Energy Solutions

OMV, Borealis Join TOMRA for Recycling Feedstock Produced from Mixed Waste

OMV Petrom to Test an Innovative Carbon Capture and Utilization Facility at Petrobrazi

ORLEN Invests in Ultra-Fast Charging Stations

Petrobras to Invest $3.7M in Research into Natural Hydrogen

Plenitude to Construct Renopool 330MW Photovoltaic Park in Spain

Repsol Enters Biomethane Production with Acquisition of 40% Stake in Genia Bioenergy

Repsol Completes the Construction of Frye Solar in the United States

Shell to Build Carbon Capture and Storage Projects in Canada

TotalEnergies Launches New Battery Storage Project in Belgium

ICT Ecosystem Major Acquisitions, Agreements, and ICT Contract Wins, 2Q24

Accenture to Acquire Partners in Performance to Deliver Enhanced Productivity for Asset-Intensive Industry Clients

ADNOC, G42, Presight Partner to Accelerate AI Solutions for the Energy Sector

Aspen Technology Launches Carbon Capture Solution

Aramco Partner with Pasqal to Deploy Quantum Computer in Saudi Arabia

CGG Signs MOU with Baker Hughes for Carbon Capture and Storage Solutions

Emerson Launches Acoustic Particle Monitor to Help Oil and Gas Production

Equinor Signed a Multiyear Commercial Agreement with Seeq

Equinor to Use Emerson Downhole Monitoring Systems on Rosebank

EY Joins with DocuSign to Offer Clients Intelligent Agreement Management

Imrandd Launches AI-Powered Asset Integrity Solution

Honeywell, Weatherford Partner for Emissions Management Solution

Petrobras, Shearwater Collaborate on Seismic Technology Research

Repsol Signs a Long-Term Renewable PPA with Microsoft

Rockwell Automation Helps Drillmec Develop Innovative Carbon-Storage Technology

Schneider Electric, AVEVA Partner with IN-CORE for EV Battery Efficiency

TotalEnergies to Deploy Generative AI for Its Employees

Advice for Technology SupplierS

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