MENAFN– GetNews) Sector poised to see substantial growth in the next two years; commercial success rate increases
With project investment worth $214B or above lined up, the global offshore oil and gas (O&G) industry is poised to get a massive boost in the next two years.
The annual greenfield investment is predicted to hit a decade-high record in 2023 and 2024, said
oilprice.com
The Comeback Is Happening Now
Offshore production projects are forecasted to comprise roughly 68% of all approved traditional hydrocarbon-based projects during the projection period 2023-24-up from 40% during 2015-2018.
This expected activity increase is buoyed by strong oil prices and rig demand. As of March 07, 2023, WTI crude oil values $77.76 per barrel, which is high enough to prompt operators to boost production activities, and that should continue into next year.
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