Worldwide O&G Industry Quarterly Update: April-June 2023

Description

This IDC Market Perspective provides an overview of the O&G industry in 2Q23. 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." O&G players are at a crossroads between energy security and energy transition. It will be more interesting to watch how they balance their path amid current unfavorable market conditions," said Gaurav Verma, research manager, IDC Energy Insights.

Product Code: EUR151059923

Executive Snapshot

New Market Developments and Dynamics

Industry Overview
- Oil Geopolitics
  - Russia and Iran, Both Facing International Sanctions, to Boost International Trade with Agreement to Build Important INSTC Segment
  - Iran Seizes Second Oil Tanker in the Arabian Gulf
  - Iraq, Iran Ignore U.S. Sanctions in Talks to Expand Energy Ties
  - OPEC Countries to Cut Oil Production
- GDP Trends
- 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: Refinery Operations
Upstream Licenses Round and E&P Agreements, 23Q2
- Norway Announces APA 2023 Licensing Round
- Indonesia Opens First 2023 Oil And Gas Bid Round
- Angola to Launch New Onshore Licensing Round
- Oman Opens Bid Round 2023
M&As, Agreements, Reorganizations, and Major Business Developments, 23Q2
- Baker Hughes, Ocean Installer Extend North Sea Alliance with Integrated Subsea Engineering Solution
- Eni Acquires Neptune Energy to Expand Natural Gas Business
- Earthstone Energy Announces $1.0B Delaware Basin Acquisition
- Sercel Sells 20,000 WiNG Seismic Nodes in Challenging Oilfields in Mexico
- Volpak Acquires Stake in Dutch LNG Terminal
- QatarEnergy, Namibia Agree to Strengthen Cooperation in the Energy Sector
- Shell Sells Australian Offshore Natural Gas Interests to bp
- ONEOK-Magellan Merger to Create $60B Pipeline Giant
- Trio Petroleum to Acquire up to 100% of Union Avenue Oil and Gas Field
- Chevron Signs Contract for Permian Basin-Produced Water Transport
- ADNOC to Supply LNG to TotalEnergies Gas and Power
- Enbridge Acquires Gas Storage Facility in British Columbia for $295M
- TotalEnergies Partners with Petronas, Mitsui on Malaysian CCS Project
- Chevron Announces Agreement to Acquire PDC Energy
Upstream, 23Q2
- ADNOC Drilling Awarded Five 10-Year Drilling Contracts Worth $2B
- Aker BP Makes Norwegian Sea Oil Discovery
- OMV Petrom Makes Multiple Oil, Gas Discoveries in Romania
- Norway Approves $18.5B Investment In O&G Projects
- OMV Petrom, Romgaz to Develop the "Largest" Natural Gas Project in the Romanian Black Sea
- Sparrow Wins Engineering and Maintenance Contract in Kuwait
- Trio Petroleum Signs Drilling Rig Contract for California Oil Well
- Wintershall, Partners Make Oil Discovery offshore Mexico
Midstream, 2Q23
- Azerbaijan Inks Deal for New Gas Supply Route to Europe
- Equinor Signs 15-Year LNG Deal with Cheniere
- QatarEnergy, CNPC sign "Longest" SPA Commitment with 27-Year LNG deal
- TotalEnergies Joins Forces with U.S. Company to Develop LNG Project in South Texas
Downstream, 23Q2
- bp to Use Honeywell's Ecofining Technology to Increase Sustainable Aviation Fuel Production Worldwide
- ENOC Group Taps Microsoft AI to Drive Business Innovation
- Shell to Roll Out New Payment Solution Across 13,000 U.S. Sites
Engineering, Procurement, and Construction/Installation/Commissioning Contracts (EPC/EPCI/EPCC), 23Q2
- Aker Solutions Awarded a SWIFT Contract by Equinor
- Aker Solutions Renews Subsea Supply Agreement with Aker BP
- Aker Solutions Secures Contract from ExxonMobil in Guyana
- Equinor Awards Two Major Contracts for the BM-C-33 Project in Brazil
- Saipem Secures a Significant EPCI Contract from Aramco
- Shell Awards Contract to Worley for Major Global Projects
New Energy Business Investments, Contracts, and Major Business Developments, 23Q2
- ABB Introduces Operational Planner for Offshore Wind Maintenance
- Eni Sustainable Mobility's Enjoy Adds Electric Vehicles to Its Car-Sharing Fleet in Rome
- Saipem Completes Development for Scotland's Largest Offshore Wind Farm
ICT Ecosystem Major Acquisitions, Agreements, and ICT Contract Wins, 2Q23
- Aker BP Joins Digital Twin Consortium to Advance O&G Production
- AVEVA, Petrofac Sign MOU to Accelerate Digital Initiatives
- Halliburton Buys Norway's Technology Company Resoptima
- Nabors, Corva to Accelerate Digital Transformation of Global Drilling Industry
- Neptune Developing Digital Twins for Two more North Sea Platforms with Eserv
- Repsol Accelerates Its Digital Journey with Halliburton Technology to Automate Well Design Process
- TotalEnergies to Deploy Offshore Robot Fleet Management System
Generative AI, 2Q23
- Salesforce Launches AI Cloud
- Salesforce Einstein GPT for Field Service Available in Beta
- ServiceNow Expands GenAI Offerings with Now Assist for Virtual Agent
- Google Cloud, KPMG Launch GenAI Collaboration
- HCLTech, Google Cloud Expand Partnership to Boost Innovation and Adoption of GenAI
- Siemens, Microsoft Partner on Generative AI

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