Global Upstream Update: the biggest issues in upstream revisited – February 2024

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The Global Upstream Update is a regular Insight produced for global clients. This edition includes: 1) supply surprises: increasing Iranian output insufficient to offset Saudi Arabia’s extended voluntary cuts and a new phase of growth of US Lower 48 tight oil, 2) investment and capital discipline: the impact of a stretched supply chain are being felt; advantaged rigs are effectively ‘sold-out’ and inflation is causing delays and overruns, 3) the M&A rollercoaster 2023’s M&A surge has global and regional implications, including the extension of the Majors’ emissions advantage and a big company model in the Permian, 4) Decarbonisation and fiscal initiatives: the UK’s missed trick, Norway's tax package success and exciting new geothermal technologies.

Table of contents

    • Catch up on previous editions
    • Other recent Wood Mackenzie Upstream content series

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  • Document

    Global Upstream Update February 2024 (1).pdf

    PDF 2.83 MB