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

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

Learn More

• Related Research
• Synopsis