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

Executive Snapshot

• Figure: Worldwide Oil and Gas Industry Quarterly Update, April-June 2024

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

• Figure: Worldwide Real GDP Growth Forecast by Region, June 2024

• Exploration and Production Activity

• Rig Count

• Figure: Worldwide Oil Rig Count, July 2023–June 2024

• Liquid Fuel Production and Consumption

• Figure: World Liquid Fuels Production and Consumption Balance, July 2023-June 2024

• Oil Prices

• Figure: Brent and WTI Crude Oil Price Trends, July 2023–June 2024

• Natural Gas Prices

• Figure: Natural Gas Prices, July 2023-June 2024

• Listed O&G Companies' Performance

• S&P Global Oil Index

• Figure: S&P Global Oil Index, July 2023-June 2024

• S&P GSCI Natural Gas Index

• Figure: S&P GSCI Natural Gas Index, July 2023-June 2024

• 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

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