The offshore oil and gas (O&G) sector is set for the highest growth in a decade in the next two years, with $214 billion of new project investments lined up. Rystad Energy research shows that annual greenfield capital expenditure (capex) broke the $100 billion threshold in 2022 and will break it again in 2023 – the first breach for two straight years since 2012 and 2013.
Offshore activity is expected to account for 68% of all sanctioned conventional hydrocarbons in 2023 and 2024, up from 40% between 2015-2018.
Rystad
Comments:
- Middle East investment continues to be strong
- Good for South America thanks to Brazil (16 new FPSOs by the end of the decade) and the Guyana success story.
- Strong forecast for Norway and the UK boosts Europe.
- North America could do far better with less obstructive access policies.
Bud's Offshore Energy (BOE) 