1、2023 oil and gasindustry outlook About the Deloitte survey To understand the outlook and perspectives of organizations across the oil and gas(O&G)industry,Deloitte fielded a survey of 100 US executives and other senior leaders in August 2022.The survey captured insights from respondents in five spec

2、ific industry segments:exploration and production,oilfield services,midstream,petroleum refining and marketing,and integrated O&G and new energy companies.ContentsIlluminating new possibilities 3 Trends to watch 1.Upstream Healthy balance sheets create opportunities for oil and gas 4 2.Clean energy

3、New policies expected to accelerate the clean energy transition 5 3.Natural gas and LNG Natural gas plays a new role in the clean energy transition 6 4.Downstream Refiners respond to shifting energy demand 7 5.Mergers and acquisitions Deal-making reflects wider trends in the market 8Industry proving

4、 resilient amid uncertainty 9 Lets talk 102023 oil and gas industry outlook2Illuminating new possibilitiesNote:Factors cited internally along the circle denote the impact on energy markets and balance.Source:Amy Chronis et al.,Striking the balance:How and where will oil and gas producers deploy thei

5、r cash?,Deloitte Insights,August 25,2022.Figure 1.The energy trilemmaThe crude oil and natural gas(O&G)industry is not new to supply disruptions and price volatility.Over the past seven years,the industry has seen several peaks and troughs,from above$100/bbl in 2014 to-$37/bbl in 2020.But the situat

6、ion is unique today.A confluence of several economic,geopolitical,trade,policy,and financial factors have exacerbated the issue of underinvestment and triggered a readjustment in the broader energy market.1 All three components of a balanced energy equationenergy security,supply diversification,and

7、low-carbon transitionare under severe pressure or facing a“trilemma”of concerns(figure 1).The O&G industry has followed the investor mandate for measured investment and financial discipline,but this approach has reduced capital expenditures and contributed to the tight market seen in 2022.2Meanwhile

8、,the disruption of energy trade between Europe and Russia has driven global gas markets to new highsreaching six to ten times US Henry Hub prices.3 Furthermore,the shortage of agricultural products for renewable fuels and supply chain challenges for low-carbon technologies have impacted the progress

9、 of energy transition.4Although the immediate impact of this imbalance is high energy prices and record cash flows for O&G companies,how and where the industry will invest in the future remains uncertain.The industrys investment trajectory in 2023 will likely be determined by many of the actions and

10、 decisions being taken today:The balance that O&G producers strike between increasing investment and continuing capital discipline The role of O&G companies in accelerating and securing the energy transition The dynamics of natural gas demand and the resultant policy environment The refining industr

11、ys adaptation to the readjustment in energy markets The trajectory for deal-making amid the interplay of energy security and transition The O&G industry will likely enter 2023 with its healthiest balance sheet yet and with continued capital discipline.5 This could help companies overcome the energy

12、underinvestment of recent years and help enable an accelerated energy transition.The results of the 2023 outlook survey show that 93%of our respondents remain positive to cautiously positive about the industry in the coming year.Energy transitionSlow transition to low-carbon energy amid evolving low

13、-carbon technologies and demand,hard-to-abate sectors,nascent infrastructure,and low returnsEnergy securityUnderinvestment in O&G despite strong and resilient demand due to low oil prices,investor pressures,and regulatory uncertaintyEnergy diversificationConcentrated demand,production,supply,or trad

14、e of energy resources,and limited energy choices for consumersCapital allocation impasseEnergy policy uncertaintyAbnormal spikes andvariance in energy prices2023 oil and gas industry outlook3Healthy balance sheets create opportunities for oil and gasYears of underinvestment,rapid recovery in demand,

15、and geopolitical developments have driven oil prices to 2014 highs and upstream cash flows to record levels.In 2022,the global upstream industry is projected to generate its highest-ever free cash flows of$1.4 trillion at an assumed average Brent oil price of$106/bbl.6 Until now,the industry has pra

16、cticed capital discipline and focused on cash flow generation and payout2022 year-to-date average O&G production is up by just 4.5%over the same period last year,while 2022 free cash flows per barrel of production is projected to be higher by nearly 70%over 2021(figure 2).But now all eyes are on ups

17、tream companies to see if they will continue to prioritize shareholder payouts or increase their hydrocarbon reinvestment rate,driven by the urgency to provide affordable energy to the world.Figure 2.US upstream balancing both discipline and growthNearly 40%of surveyed executives selected strengthen

18、ing their balance sheets through debt repayments and distributing cash back to shareholders as their top cash deployment strategies.Meanwhile,several oil majors and several large E&Ps have already revised their 2022 shareholder payout targets significantly higher.The industrys capital discipline is

19、likely to be a continuing trend as economic uncertainty grows and energy prices remain highly volatile.Although oil prices are near 20132014 levels,upstream capex in 2022 is still expected to be about 40%lower over the period(base case scenario).Through efficiency gains,focus on best acreages and we

20、lls,re-fracking of shale wells,and monetization of drilled but uncompleted well(DUC)inventories,the industry has increased production without increasing capex proportionately(figure 2).However,capex and production strategies vary across company groups and regions:Public E&Ps:Large public E&Ps are de

21、ploying a cautious production growth strategy due to continued investor focus and fear of wavering from the disciplined capex strategy based on short-term market cycles.7 Additionally,higher operating costs,oilfield service capacity constraints,and labor shortages are adding downward pressure on an

22、already cautious capex strategy for the group.Private E&Ps:Although most producers will likely ramp up capex to include an approximate 10%15%inflationary increase into their 2022 capital budgets,maximum production(and capex)growth will likely continue to be driven by private companies and majors.Sma

23、ll and private operators especially will look to add scale and maintain optionality between long-term growth and shareholder returns.US-headquartered majors:The majors are driving US shale production and capex growth in 2022 by building and leveraging an integrated infrastructure.Although US-headqua

24、rtered majors have cited shareholder payouts and production growth as their key areas of investment focus,they are also ramping up investment in low-carbon businesses,especially carbon capture and storage,renewable fuels,and hydrogen.8 Global upstream:European-headquartered majors will likely divide

25、 their cash between hydrocarbon reinvestment,diversification,and payouts to balance energy security and transition.Meanwhile,despite having broader institutional and government obligations to pay dividends,many national oil companies are investing substantially in new low-carbon technologies and sol

26、utions to diversify their economy.9 Upstream1Sources:US Energy Information Administration,Rystad Energy,Deloitte analysis.20212022YoY change+4.5%26.527.7Stable average monthly O&G production(MMBoed,YTD 2022 YoY change)+68%$4.7B$7.9BGrowing free cash flows per barrel of O&G production($billion per MM

27、boe)29%$84B$108BDisciplined upstream capex($billion)2023 oil and gas industry outlook42New policies expected to accelerate the clean energy transitionHigh commodity prices and growing concerns over energy security are creating urgency for many to diversify supply and accelerate the energy transition

28、.As a result,clean energy investment by O&G companies has risen by an average of 12%each year since 202010 and is expected to account for an estimated 5%of total O&G capex spending in 2022,up from less than 2%in 2020.11Supportive policies,in combination with higher O&G cash flows in 2022,have enable

29、d O&G companies to increase investment in clean energy:United States:Passed the Infrastructure Investment and Jobs Act(IIJA);12 and the Inflation Reduction Act between 2020 and 2022.13 Together,these provide for about$450 billion of clean energy and related investments.14 Moreover,the US Securities

30、and Exchange Commission(SEC)has proposed rules mandating the disclosure of emissions for companies in their SEC filings.If finalized this year,some of these rules could begin to be phased in as early as fiscal year 2023.Europe:The European Commission passed the Fit for 55 climate package15 and Europ

31、es REPowerEU plan.16 Together,the committed provisions for the clean energy transition and emissions reduction are close to 300 billion.17 Other:Over the last two years,more than a dozen other countries published hydrogen strategies.18Investment is expected to continue increasing in 2023.However,whe

32、n asked what factors would enable increased investment in clean energy,about 30%of respondents in our survey selected higher demand for low-carbon clean energies,and 24%selected more scalable and economical low-carbon use cases(figure 3).So,a larger acceleration of clean energy investment may requir

33、e more time for demand to develop and technologies to mature.Figure 3.Factors that could accelerate respondents O&G investment in clean energySeveral factors could influence the pace of investment or shift the clean energy focus in 2023:The relative price of fuels:Sustained high natural gas prices c

34、ould make green hydrogen and biomethane more attractive to future investments relative to blue hydrogen.In fact,the levelized cost of green hydrogen dropped lower than natural gas prices in several EU nations in July 2022.19 Food versus fuel concerns:The production of biofuels often relies on the pr

35、oduction of grains and vegetable oils.Supply chain issues and high commodity costs have increased concerns over food inflation,and public opposition could rise to crops being used for fuel rather than food.Challenges to new infrastructure:Several US LNG projects;carbon capture,utilization,and storag

36、e(CCUS)projects in the United States and Australia;and hydrogen projects in Europe are expected to move into the financing and permitting stages in 2023.20 The speed and ease of permitting the infrastructure could impact how costs and timelines are treated in planning and financing future projects.C

37、lean energyNote:Respondents were asked to share their top three options in the declining order of importance.A final score for each option was ascertained using the number of respondents and the rank order as weights.Source:Deloitte analysis.40%30%20%10%0%Price on carbon emissions(14%)More governmen

38、t investment in clean energy(10%)High energy prices and cash flows(16%)More scalable and economical low-carbon use cases(24%)Tighter regulations on hydrocarbons(6%)Higher demand for low-carbon,clean energies(30%)2023 oil and gas industry outlook53Natural gas plays a new role in the clean energy tran

39、sitionEnergy policy in the United States and Europe began to pivot in 2022,following Russias invasion of Ukraine.Consequently,momentum has shifted from phasing out natural gas to reducing emissions from natural gas while cleaner alternatives are developed and deployed.Increases in natural gas invest

40、ment are expected in 2023,including investments that reduce the greenhouse gas(GHG)intensity of natural gas and related infrastructure.Europe and the United States announced several policies in 2022 to incentivize natural gas investment while ensuring emissions reductions.For instance:EU taxonomy:EU

41、s taxonomy now considers natural gas an environmentally sustainable economic activity,provided that new natural gas projects replace coal units,achieve emissions reductions,and fully convert to renewable or low-carbon gases by 2035.21 Joint statement between the United States and European Commission

42、 on European energy security:The agreement outlined commitments to increase US LNG exports to Europe through 2030 and to undertake efforts to reduce the GHG intensity of new LNG infrastructure.22 The Inflation Reduction Act:This act increases offshore oil and gas lease sales in the United States.It

43、also puts fees on excess methane emissions and offers grants to O&G companies to monitor and reduce methane.23 In 2023,natural gas markets are expected to remain tight with European and Asian demand absorbing the incremental LNG export volumes coming online.Around 45%of surveyed companies noted that

44、 an unfavorable regulatory environment and significant capital investments have held back more investment in natural gas production.24 These conditions are expected to improve in 2023 and investment in natural gas infrastructure made in 20222023 could balance the market later this decade.Possible si

45、gns of rising investment in the natural gas market include the following:North American LNG developers signed nearly 34 million tons per annum(MTPA)of long-term LNG contracts in 2022,representing a 68%increase over the last record set in 2021(figure 4).Most of these contracts anchor new or expanded

46、liquefaction projects that aim to reach financial investment decisions in late 2022 and 2023.25 Eight floating storage regasification units(FSRUs)are expected to become operational in several European countries in late 2022 through 2023,increasing total import capacity by more than 20%.26 Around 103

47、 LNG vessels were ordered globally during the first seven months of 2022,which is the highest ever recorded.27 Several natural gas exporting countries have announced that they are boosting natural gas production,including Qatar and Israel via Egypt.28 In the United States,natural gas-directed rigs a

48、re at their highest level since September 2019.29 But in the United States,more natural gas is being produced with a view to reducing carbon and methane emissions.The volume of natural gas certified as low carbon increased 100 times in the last year.30 LNG exporters have signed contracts with suppli

49、ers of certified natural gas to export“cleaner”LNG.Moreover,at least three proposed US liquefaction projects have announced plans to build CCS facilities to produce lower-carbon LNG cargoes.Certified natural gas and lower-carbon LNG are expected to continue increasing momentum in 2023.Figure 4.Risin

50、g demand for LNG as European gas prices reach record levelsNatural gas and LNGSources:US Energy Information Administration(EIA),“Natural Gas Spot and Futures Prices(NYMEX),”accessed Aug 31,2022;CME Group,“Dutch TTF Natural Gas Futures,”accessed Aug 31,2022;CME Group,“LNG Japan/Korea Market(Platts)Fu

51、tures,”accessed Aug 31,2022;GIIGNL Annual Report 2022,May 2022;various company press releases.0004040North American LNG contracts signed(RHS)Asian LNG/JKMUS gas/Henry HubEuropean gas/TTFAverage annual YTD gas price($/MMBtu)20020202120222023 oil and gas industry outlook64Refiner

52、s respond to shifting energy demandThe refined product market rebounded strongly with high oil prices,robust demand,and five-year lows in inventory levels pushing petroleum product prices to record levels in the first half of 2022.US gasoline and distillate prices crossed$5 per gallon and$6 per gall

53、on,respectively,in early June 2022.31Prices also rose due to a decline in global refining capacity in 2021 coupled with sanctions-led disruption to refinery feedstocks,such as Russian vacuum gas oil,that have tightened the market.32 The result:Petroleum demand and the industrys profitability diverge

54、d in 2022.Profitability surged:The US Gulf Coast 3:2:1 crack spread reached$60/bbl in June 2022,driven by strong distillate demand and five-year-low product inventories(June distillate inventory was at 23%below the five-year average levels)with average refinery utilization over 90%in 2022(figure 5).

55、33 Although the crack spread fell to$35/bbl in September,it is still twice as high compared to the 2021 average.Demand tumbled:Due in part to high prices,gasoline demand tumbled in Q3 2022 to 8.5 million barrels per day(mbpd)in early Septemberabout 0.9 mbpd lower than the same period last year.In fa

56、ct,excluding the pandemic year,demand in 2022 has been the lowest in a decade.34 Margins diverged:High natural gas prices are limiting European refiners to process-advantaged,medium-grade crudes to conserve hydrogen use,increasing their operating costs by$3$5/bbl.35 Meanwhile,select Asian refiners a

57、re buying heavily discounted Russian crude creating margin divergence within and across regions.36 In the coming year,refineries could grapple with weakening demand,recession worries,and a projected 1.6 mbpd increase in global refining capacity.37 Notably,US-headquartered refiners are not expected t

58、o increase capacity as they prioritize financial health,shareholder payouts,and investments in refinery optimization projects.Faced with uncertain demand and volatile prices,refiners are rethinking their investment strategies to include altering product yields toward high-margin petroleum and chemic

59、al products while also repurposing infrastructure for clean energy options such as renewable diesel.With the high prices of renewable identification number(RIN)compliance credits,spurred by the rising cost of agricultural feedstocks(corn and soybean)and the supply-demand imbalance,the demand for ren

60、ewable diesel is expected to grow by more than 50%year over year in 2022.38 In fact,nearly 40%of our surveyed O&G executives view refinery modification for low-emission fuels,such as renewable diesel and hydrogen,as crucial to maintaining growth over the next few years.39 However,switching to renewa

61、ble fuels could be challenging due to food shortages(e.g.,soybeans and corn),supply chain logistics(e.g.,used cooking oil),and low returns compared to conventional processing of crude oil.DownstreamFigure 5.Rising margins led by falling inventory levels despite high refinery utilizationNote:The US G

62、ulf Coast 3:2:1 crack spread refers to the difference in margins between WTI crude oil,US Gulf Coast conventional gasoline,and US Gulf Coast ultra-low sulfur diesel.Source:US Energy Information Administration(EIA).0602010070USGC WTI 3:2:1 crack spread(RHS)Gasoline inventory(LHS

63、)Refinery utilization(LHS)Distillate inventory(LHS)($per barrel)Indexed(2021=100)Jan 21Apr 21Jul 21Oct 21Jan 22Apr 22Jul 222023 oil and gas industry outlook75Deal-making reflects wider trends in the marketMergers and acquisitionsAfter a strong recovery in the second half of 2021,O&G M&A was off to a

64、 strong start in early 2022 due to rising oil prices,improving cash flows,and a robust recovery in demand.But recent geopolitical developments and economic uncertainty have significantly tapered the momentum.In the first nine months of 2022,O&G M&A fell by about 27%year over year despite oil prices

65、averaging above$100/bbl and the upstream industrys financial health reaching an all-time best.40 An uncertain environment seems to have made potential buyers more cautious and altered their buying strategies.At a sectoral level,O&G M&A saw the following changes during the first nine months of 2022:4

66、1 Upstream M&A lost some momentum,but it still accounted for nearly 60%of deals by value.Oilfield services M&A deal value remained below$10 billion as upstream clients restrained spending.Midstream M&A saw renewed interest in order to alleviate infrastructure constraints,accounting for a quarter of

67、the deals by value.Downstream M&A fell by 57%due to the rising risk of demand destruction.At an asset or resource level,O&G M&A saw the following changes during the first nine months of 2022:42 PE players cashed out their shale investments,comprising six out of the top 15 deals.Midsize players acqui

68、red producing acreage to benefit from high prices.Majors divested their high-carbon assets to retain a low-carbon portfolio.Buyers picked up oil tankers and LNG carriers to overcome supply disruption.Drilling rigs became the most favored assets as drilling activity is poised to increase.Investor int

69、erest shifted further downstream toward distribution and retailing.Whats in store for 2023?While projected record cash flows and renewed interest in resource industries bode very well for O&G M&A,capital discipline and an uncertain economic environment will likely keep M&A in check in 2023.According

70、 to our recent survey,27%of executives highlight high and stable energy prices as key to sustaining the M&A momentum in 2023(figure 6).43 Figure 6.Factors respondents expect to drive O&G M&A momentum in 2023 Four trends are expected to play out in the coming year:Leveraging the momentum on energy se

71、curity for acquisitions in natural gas assets and resilient midstream infrastructure.Accelerating energy transition spurs investment in joint ventures and alliances to commercialize new clean energy technologies such as CCUS and clean hydrogen.Reducing operational emissions through the acquisition o

72、f assets having a strong ESG profile.Mitigating inflationary pressures across the oilfield services sector through vertical integration.Note:Respondents were asked to share their top three options in declining order of importance.A final score for each option was ascertained using the number of resp

73、ondents and the rank order as weights.Source:Deloitte analysis.30%25%20%15%10%5%0%Strong ESG profile of the asset(8%)New revenue or market share opportunity(7%)Stable regulatory environment(10%)Portfolio optimization opportunities(13%)Improved macroeconomic environment(6%)High and stable energy pric

74、es(27%)Production and cost synergies(14%)Attractive valuations and asset price(14%)2023 oil and gas industry outlook8Industry proving resilient amid uncertainty Hydrogen/CCUS hub development:Significant federal funding has been earmarked for hydrogen and CCUS hubs,and so far,the US Department of Ene

75、rgy has allocated nearly$1.5 billion in loans for two major hydrogen projects.44 Additionally,several CCUS hubs have also been announced in the United States,but the permitting process and regulatory approvals will determine the speed of development.Regulatory lag:The timeliness and content of new r

76、egulations could be impacted by the upcoming elections.Regulations that impact cash flows from traditional O&G investments could decrease the capital available for clean energy investments in the future.Supply chain constraints:The clean energy transition will require significant investments in infr

77、astructure(e.g.,pipelines,storage,biofuel refineries)and technology(e.g.,carbon capture materials,electrolyzers,fuel cells).Current supply chain issues are making securing materials slow and expensive.Resolving these issues will be vital to moving projects forward in 2023.Grid expansion and moderniz

78、ation:Increasing electrification and renewable energys market share will require a massive grid expansion.Continued progress,despite the short-term challenges such as supply chain issues and labor shortages,would most likely incentivize additional investments in renewable energy by O&G companies.Mac

79、roeconomic headwinds:Volatile prices,recessionary fears,and uncertain demand growth present challenges to long-term planning.However,economic stability coupled with sustainable long-term financing could help guide clean energy investment decisions.The O&G industry earned record profits in 2022,provi

80、ding ample cash flow to fund strategies in 2023.And while O&G companies recognize trade restrictions and macroeconomic uncertainty in the year ahead,they have also been given a clear mandate to secure supply in the short term while transitioning to cleaner energy in the long term.Factors that could

81、facilitate or impede the O&G industrys energy transition in 2023:2023 oil and gas industry outlook9Lets talkAmy ChronisVice Chair US Oil,Gas&Chemicals LeaderDeloitte LLP+1 713 982 4315Kate HardinExecutive DirectorDeloitte Research Center for Energy&IndustrialsDeloitte Services LP+1 617 437 3332Anshu

82、 Mittal,senior manager,Deloitte Research Center for Energy&Industrials,Deloitte Services India Private LimitedAshlee Christian,manager,Deloitte Research Center for Energy&Industrials,Deloitte Services LPAbhinav Purohit,senior analyst,Deloitte Research Center for Energy&Industrials,Deloitte Services

83、India Private Limited Shreya Shirgaokar,senior analyst,Deloitte Research Center for Energy&Industrials,Deloitte Services India Private Limited Key contributors2023 oil and gas industry outlook10Endnotes1.Amy Chronis et al.,Striking the balance:How and where will O&G producers deploy their cash?,Delo

84、itte Insights,August 2022.2.Ibid.3.US Energy Information Administration(EIA),“Natural Gas Spot and Futures Prices(NYMEX),”accessed July 9,2022;CME Group,“Dutch TTF Natural Gas Futures,”accessed July 9,2022.4.Deloitte,“Electric power supply chains:Achieving security,sustainability,and resilience,”Sep

85、tember 28,2022.5.Deloitte analysis based on data from Rystad Energy Upstream.6.Ibid.7.Ibid.8.Daniel Foelber,“ExxonMobil and Chevron book record quarterly profits,ramp up low-carbon investments,”August 10,2022.9.Ben Cahill,“National oil companies leaning into the energy transition,”Center for Strateg

86、ic&International Studies(CSIS),February 14,2022.10.International Energy Agency(IEA),World Energy Investment 2022(Paris:IEA Publications,2022),p.11.11.Ibid,p.19.12.US Department of Energy Office of Fossil Energy and Carbon Management,“The Infrastructure Investment and Jobs Act:Oppor-tunities to accel

87、erate deployment in fossil energy and carbon management activities,”December 2021.13.The White House,“Statement by President Biden on Senate passage of the Inflation Reduction Act,”August 7,2022.14.US Department of Energy,“DOE optimizes structure to implement$62 billion in clean energy investments f

88、rom Bipartisan Infrastructure Law,”press release,February 9,2022;Makenzie Holland,“Inflation Reduction Act boosts clean energy incentives,”TechTarget,September 1,2022.15.Council of the European Union,“Fit for 55 package:Council reaches general approaches relating to emissions reductions and their so

89、cial impacts,”press release,June 29,2022.16.European Commission,“REPowerEU:A plan to rapidly reduce depen-dence on Russian fossil fuels and fast forward the green transition,”press release,May 18,2022.17.Ibid;European Parliament Think Tank,“Social climate fund:Fit for 55 package,”June 15,2022;Arjun

90、Joshi,“EU member states raise 5.4 billion funding to develop hydrogen value chain,”Mercom India,July 19,2022.18.IEA,Global Hydrogen Review 2021,Paris,October 2021,p.24.19.Rochelle Toplensky,“Green hydrogen is cheaper than LNG in Europe,”Wall Street Journal,July 20,2022;Lazard,Lazards levelized cost

91、of hydrogen analysisversion 2.0,October 2021.20.Global CCS Institute,Global status of CCS 2021:CCS accelerating to net zero,October 2021,pp.626;Sonali Paul,“Australias Fortescue targets 2023 go-ahead for first green hydrogen project,”Reuters,May 4,2022;S&P Global,“Portugals Galp targets 100-MW hydro

92、gen project FID early 2023,”February 2022.21.European Union,“Factsheet:EU taxonomy accelerating sustainable investments,”February 2,2022.22.The White House,”Joint statement between the United States and the European Commission on European energy security,”March 25,2022.23.Jennifer Hijazi,“Methane re

93、ductions sought by EPA get boost from climate deal,”Bloomberg Law,August 3,2022.24.Deloitte analysis.25.Deloitte analysis of various company press releases;GIIGNL,GIIGNL Annual Report 2022:The LNG industry,May 2022.26.Elliott Stuart,“Europes dash for new LNG import infrastructure picks up pace,”S&P

94、Global,August 10,2022;Argus,“Europe eyes 42pc rise in LNG import capacity by 2026,”July 13,2022.27.Hellenic Shipping News,“Korean shipyards sweep 76%of LNG tanker orders,KSOE adds$1.5 bn deals,”August 11,2022;LNG Prime,“DNV:9 LNG-powered ships ordered in July,”August 2,2022.28.Sabrina Valle,Marwa Ra

95、shad,and Ron Bousso,“Qatar picks Exxon,Total,Shell,Conoco for mega-LNG expansion,”Reuters,June 8,2022;Sarah El Safty and Ari Rabinovitch,“EU,Israel and Egypt sign deal to boost East Med gas exports to Europe,”Reuters,June 15,2022.29.EIA,“Crude oil and natural gas drilling activity,”accessed August 8

96、,2022.30.Antonio Monisit et al.,2022 Voluntary Initiatives Report:An overview of voluntary emissions reduction initiatives for the oil and gas industry,”Highwood Emissions Management,August 2022.31.EIA,“Short-term energy outlook,”accessed September 6,2022;EIA,“Spot prices,”accessed September 6,2022.

97、32.Kevin Hack,“Several refining projects are scheduled in Asia and the Middle East,”EIA,August 2,2022.33.EIA,“Short-term energy outlook,”accessed October 11,2022;EIA,“Spot prices,”accessed October 11,2022.34.EIA,“U.S.weekly product supplied,”accessed October 11,2022.35.Manish Parashar,“High gas pric

98、es weigh on fuel oil availability as refiners operating costs rise,”S&P Global,January 24,2022.36.Grzegorz Kuczyski,“Asian countries buy discounted Russian oil,”Warsaw Institute,June 30,2022.37.Hack,“Several refining projects are scheduled in Asia and the Middle East.”38.Erin Voegele,“EIA predicts c

99、ontinued growth in biofuel consumption,”Biodiesel Magazine,July 13,2022.39.Deloitte analysis.40.Deloitte analysis based on M&A data from Enverus,accessed October 11,2022.41.Ibid.42.Ibid.43.Deloitte analysis.44.Reuters,“U.S.agrees$500 mln loan guarantee for Utah hydrogen storage project,”June 8,2022;

100、David Iaconangelo,“DOE unveils$1B loan for hydrogen plant.But is it clean?,”Energywire,January 3,2022.2023 oil and gas industry outlook11About this publicationThis publication contains general information only and Deloitte is not,by means of this publication,rendering accounting,business,financial,i

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