Global Upstream Update: our favourite slides and topics – July 2023

The Global Upstream Update is a regular Insight produced for global clients. This edition includes: 1) efficient sufficiency: parts of the industry are up to three times more efficient than at ‘peak inefficiency’ in the first half of the 2010s. Canada and the US Lower 48 are just two case studies. 2) Is the M&A market taking off? Eni and Vår buying Neptune, and Eni’s follow-on IDD deal ticked many boxes; consolidating existing positions, gas into Europe, unlocking stranded assets, lowering emissions intensity. 3) Inside the minds of the explorers: what keeps wildcatters awake at night? 4) Supply wildcards: Russian capacity continues to be the subject of much debate. 5) EU gas continues to be a focus: an initial Ashberon phase could unlock Azerbaijani gas growth. The FID of Neptun Deep will make Romania the EU’s largest producer. 6) Is the fiscal heatwave cooling? The momentum behind efforts to introduce windfall taxes has waned somewhat in recent months.