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Insight 25 March 2024

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Report summary

The Global Upstream Update is a regular Insight produced for global clients. This edition includes: 1. Efficient growth -2024 will not be a stand-out year for FIDs, but a rebalanced liquids / gas ratio means project returns will rebound. Operators are focused on defining new future projects in Namibia, Southeast Asia and the Permian. 2. Strategic positioning - Saudi Arabia’s decision to drop its 13 million b/d oil capacity target is pragmatic, with nearly 6 million b/d currently curtailed in the region. Qatar, meanwhile, sees an opportunity to accelerate LNG growth via North Field West. 3. Roadblocks and bottlenecks - more rigs and additional pipeline capacity is needed to unlock Vaca Muerta growth. Kazakhstan needs sour gas infrastructure to grow Kashagan oil; a new deal with Qatar could provide momentum. A focus on enforcement of the G7 crude oil price cap is putting downward pressure on Russian prices and tax receipts.