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Insight 20 June 2022

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Report summary

Upstream update: after three years of negotiation, Qatar has begun awarding equity in its North Field East megaproject, starting with TotalEnergies, Eni and ConocoPhillips. This second wave of investment will raise output from 2026. There has been a rush of upstream regulatory and tax reforms. A 25% windfall tax was introduced in the UK, the latest in a long line of tax adjustments. A bolder move would have linked the tax rate to the oil price. Global offshore rig utilisation is reaching 80%, but hotspots like US GoM are at over 90% and rates are sky high. Despite this, contract terms remain short and newbuild capacity relief still looks unlikely. M&A is surging in Sub-Saharan Africa in H1 2022, as Africa focused Independents and indigenous firms see opportunities from the end of the Majors’ dominance.