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

The Global Upstream Update is a regular Insight produced for global clients. This edition includes: 1) M&A market getting warmer as consolidation and strategic goals outweigh uncertainty. 2) Unleashing discovered resources: a huge global opportunity, but many dormant fields face more than one obstacle. 3) A new paradigm for rig owners? New rigs are needed to meet oil and gas demand, but probably not as many as you think. 4) Gas markets update: Russia’s Arctic LNG-2 is getting closer to start-up but the state’s targets are unreachable. Elsewhere exporters are getting ready to grow. 5) Fiscal and regulatory moves: governments continue to rethink strategies to maximise resources and adapt to the energy transition. Some are making moves that don’t make sense. 6) More oil supply wildcards: Libya is targeting a seemingly impossible 2 million b/d, while politics and instability are curtailing output from Kurdistan.