Executive Snapshot

Figure: Executive Snapshot: Oil and Gas Industry Quarterly Update, July-September 2022

New Market Developments and Dynamics

Industry Overview

Oil Geopolitics

China Agrees to Pay for Russian Gas in Rubles and Yuan

Complying with EU and Norwegian Sanctions, Equinor Completes Exit from Russian Operations

Russian Pipeline Natural Gas Exports to Europe Decreases 40%

Tension over the Nord Stream Pipeline Explosions

GDP Trends

Figure: Worldwide Real GDP Growth by Region, 2022

E&P Activity

Rig Count

Figure: Worldwide Oil Rig Count, October 2021-September 2022

Liquid Fuel Production and Consumption

Figure: World Liquid Fuels Production and Consumption, October 2021-September 2022

Oil Prices

Figure: Brent and WTI Crude Oil Price Trends, October 2021-September 2022

Natural Gas Prices

Figure: Natural Gas Prices, October 2021-September 2022

Listed Oil and Gas Companies' Performance

S&P Global Oil Index

Figure: S&P Global Oil Index, October 2021-September 2022

S&P GSCI Natural Gas Index

Figure: S&P GSCI Natural Gas Index, October 2021-September 2022

Downstream: Refinery Operations

Upstream Licenses Round and E&P Agreements, 22Q3

Congo Opens up Bidding of Oil Blocks

U.K. Launches New North Sea Oil and Gas Licensing Round

Uganda Announces Oil Block Licensing Round

M&As, Agreements, Reorganizations, and Major Business Developments, 22Q3

Azule Energy Comes to Light as Angola's Newest O&G Producer

Chevron Signs MOU to Form Consortium to Explore Singapore CCUS Solutions

EIG to Pay $4.8B for 25% Stake in Repsol's Upstream Business

bp to Sell Interest in bp-Husky Toledo Refinery to Cenovus

bp to Sell its Business in Algeria to Eni

Equinor Signs Gas Sale Agreement with Poland's PGNiG

Exxon to Sell Arkansas Shale Gas Assets to Flywheel Energy

Germany Looking to Nationalize Another Gas Importer

Marathon Petroleum, Neste Fform JV for Renewable Fuels Project in the U.S.

PKN Orlen Looking to Buy Stake in Germany's PCK Schwedt Refinery

TotalEnergies to Divest 49% Stake Russia's Termokarstovoye Gas Field

Whitecap Resources Inc. Acquires XTO Energy Canada in All-Cash Transaction, Increases Dividend by 22%

UAE Agrees LNG Deal with Germany

Upstream, 22Q3

ADNOC, Eni Explore Further Opportunities to Positively Contribute to Increasing Worldwide Gas Supply Security

Aker BP Plans Exploration Drilling of 15 Oil And Gas Wells in 2023

Eni Discovers Gas Offshore Cyprus

LUKOIL to Start Caspian Development Drilling

Neptune Energy Confirms New Oil Discovery Offshore

ONGC Signs Offshore Small Fields Development Contracts

Midstream, 22Q3

ADNOC Announces $548M New Main Gas Line to be Built at Lower Zakum Field

Cheniere, Whistler Pipeline to Form JV for Natural Gas Pipeline in the U.S.

Petronas, YPF to Develop Argentina LNG Project

Slovakia's SPP Signs LNG Contract with ExxonMobil

Downstream, 22Q3

Germany Assumes Control of Rosneft Deutschland Refineries

Indian Oil Lets Contract for Panipat Refinery's Expansion Project

bp Progresses Work to Restart Whiting Refinery

Engineering, Procurement, and Construction/Installation/Commissioning Contracts (EPC/EPCI/EPCC), 22Q3

Angola Consortium Grants Development Contracts to Saipem

Neste Lets Contract to Technip to Expand Rotterdam Renewables Refinery

Technip and Partners to Develop Floating CCS Hub in Australia

New Energy Business Investments, Contracts, and Major Business Developments, 22Q3

bp to Invest in New Global Battery R&D Center in Britain

CNPC Launches 300MW Grid-Connected PV Generation Project in Yumen Oilfield

Equinor to Buy U.S.-Based Battery Storage Firm East Point Energy

First Power at Scotland's Largest Offshore Wind Farm

Hertz, bp Collaborate to Accelerate EV Charging in North America

Iberdrola, bp to Collaborate on Accelerating EV Charging Infrastructure and Green Hydrogen Production

Plenitude to Develop New Partnership for Wind, Photovoltaic Projects in Italy and Spain

Qatarenergy Signs Deal with GE to Develop Carbon Capture Roadmap

Shell to Build One of the Largest Renewable Hydrogen Plant to Help Power Dutch Refinery

European Commission Selects Be Charge to Build One of the Largest High-Speed Charging Networks in Europe

TotalEnergies, Veolia Partner to Build the Largest Solar PV System for a Desalination Plant in Oman

TotalEnergies Selected to Install 4,400 EV Charging Stations in Flanders

Wildcat Discovery Raises $90M for High-Density EV Batteries

ICT Ecosystem Major Acquisitions and Agreements and ICT Contract Wins,, 22Q3

Baker Hughes Acquires Artificial Lift/Oilfield Solutions Provider AccessESP

CGG, bp Sign Multi-Year Data Transformation Agreement

CleanTech Acquisition Corporation, Nauticus Robotics Complete Business Combination

OneSoft, Uptake Collaborate to Improve the Precision of Oil and Gas Pipeline Integrity

Petrobras to Launch Atos-Built Pégaso Supercomputer

Radix Wins Contract with Petrobras for Well and Subsea Engineering Solutions

Schlumberger, Aramco to Collaborate on Digital Sustainability Solutions for Hard-to-Abate Carbon Industries

Schlumberger and Cognite to Deliver Data-Driven Solutions

Schlumberger Awarded Energy Data Project from Wintershall Dea

Schlumberger Launches Enterprise Data Solution Powered by Microsoft Energy Data Services

Siemens, Shell Collaborate to Advance Highly Efficient Low-Carbon Energy Solutions

TWMA Launches XLink Real-Time Monitoring and Automation Solution

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