Q1 2024 pre-FID upstream project tracker: slow start but activity to pick up

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We expect around 30 projects will reach FID in 2024. This should be an increase on last year, as many 2023 projects were delayed or postponed. Up to US$125 billion of investment could be committed to develop 14 billion boe. NOCs in the Middle East will control the largest investments. ADNOC’s offshore expansion plans lead the way by reserves, with the Upper Zakum, Lower Zakum and Umm Shaif gas cap projects. In Europe, TPAO will also sanction the largest phase of its giant Sakarya gas project in the Black Sea. But the Majors will also be busy. TotalEnergies operates two of the top five largest projects by capex as it looks to sanction almost US$30 billion. ExxonMobil will sanction its sixth FPSO at the prolific Stabroek block in Guyana.

Table of contents

  • 2023 in Numbers
  • Projects to watch in 2024
  • About the tracker

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  • Document

    Q1 2024 Pre FID Upstream Project Tracker.xlsx

    XLSX 1.06 MB

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    Q1 2024 Pre FID Upstream Project Tracker.pdf

    PDF 623.41 KB