Q2 2023 pre-FID upstream project tracker: Qatar sanctions the largest upstream project of 2023 Report

Insight 15 June 2023

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Report summary

Fourteen projects have been sanctioned to date in 2023. The list includes Qatar's North Field South, the largest FID globally this year. With a project cost of US$21 billion and reserves of 4.7 billion boe it is twice the size of the next largest project. It was also a busy quarter for deepwater developments with six FIDs across Latin America, Africa and Europe. However, Equinor's Bay du Nord suffered a second major delay. Final investment decisions could be taken on 26 projects in the second half of 2023. Despite the robust economics, some projects could still be delayed because of ongoing cost inflation, commercial or fiscal uncertainties.