With more than $200 billion of greenfield investments expected by 2025, the offshore oil and gas sector is expected to get back in the spotlight, according to Rystad Energy, an energy market intelligence group.
Rystad Energy’s research shows that annual greenfield capital expenditure (capex) broke the $100 billion threshold in 2022 and will break it again in 2023, which is the first breach for two straight years since 2012 and 2013. The company claims that the offshore oil and gas sector is set for “the highest growth in a decade in the next two years,” with $214 billion of new project investments lined up.
The energy market intelligence provider outlines that offshore activity is expected to account for 68 per cent of all sanctioned conventional hydrocarbons in 2023 and 2024, up from 40 per cent between 2015-2018, as global fossil fuel demand remains strong and countries look for carbon-friendly production sources.
In terms of total project count, Rystad highlights that offshore developments will make up almost half of all sanctioned projects in the next two years, up from just 29 per cent from 2015-2018.
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