Q3 2023 pre-FID upstream project tracker: Trion becomes Mexico’s first deepwater field to take FID

Eighteen major projects have been sanctioned to date in 2023. In this quarter, Woodside announced FID on its Trion project, becoming Mexico’s first deepwater field to reach the development phase. In Europe, OMV Petrom finally took FID at its offshore Neptun Deep gas project. Other projects taking FID include TotalEnergies' Ratawi Gas Hub in Iraq and ConocoPhillips' Nuna field in Alaska. Several projects have been pushed back since our Q2 2023 update. ADNOC's huge Upper and Lower Zakum projects are now expected to FID in 2024. Final investment decisions could still be taken on 13 projects before the end of 2023. The remaining projects account for almost US$60 billion of potential investment and 6 billion boe of reserves.