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

The Global Upstream Update is a regular Insight produced for global clients. This edition includes: 5 tight oil growth factors: 1) New Mexico Delaware is growing 30% year-on-year, 2) H2 2022 momentum creates 2023 growth, 3) corporate strategies remain critical, 4) bottlenecks are not resolved, 5) parts of the Permian are past their peak. A new lease of life for FPSOs redeployment: tanker conversions are in decline, with operators choosing refurbished FPSOs for new projects, or standardised new-builds when larger capacities are needed. Deal or no deal in Sub-Saharan Africa: SSA was the only region to increase deal count in 2022. Regional Independents with big growth plans were the predominant buyers. Decarbonisation: are we winning? We define Upstream 2.0 as a scenario where emissions metrics are as influential as economic, and all reasonable actions are being taken in terms of emissions abatement.