Worldwide O&G Industry Quarterly Update: October-December 2023

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, 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
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