$214 billion in investments in pipeline projects expected through 2025

According to research by Rystad Energy, greenfield capital expenditure (capex) crossed the $100 billion threshold in 2022, which will be broken again in 2023. This will be the first extrapolation in two consecutive years since 2012 and 2013 Research shows that the offshore oil and gas sector will have “the fastest growth in a decade over the next two years”, with the total of US $ 214 billion of investment in projects.

Rystad Energy further explains that offshore oil and gas activity is expected to account for 68% of all sanctioned conventional hydrocarbons in 2023 and 2024. It has already been above 40% between 2015-2018, as global demand for fossil fuels remains strong and countries look for carbon sources that are easy to produce.

Growth forecast for the OFFSHORE services market

The new investments represent a major growth for the offshore oil and gas services market. With spending on supplies growing 16% in 2023 and 2024, there will be an annual increase of $21 billion over a decade. In this way, the activities of offshore platforms, vessels, subsea and floating production storage and offloading (FPSO) will have a huge climb.

O Middle East stands out worldwide in the growth of investments in oil and gas. While $33 billion is spent this year, the 2025 figure will be US $ 41 billion. According to Rystad, these countries are leveraging their varied offshore resources to meet the growing global demand for oil and gas, backed by the capital and infrastructure needed to stay ahead of other producers.

Forecast for investments in oil and gas in Brazil

South America, the UK and Brazil are not far behind the Middle East as North Sea investment from the UK and Norway is also expected to grow over the next two years. According to Rystad, UK offshore spending is expected to increase by 30% this year to $7 billion. Meanwhile, Norwegian investments will reach US $ 21,4 billion, which represents an increase of 22% in relation to 2022.

On the other hand, Brazilian investments in oil and gas are expected to reach US$ 23 billion this year, and Guyana's investments total US$7 billion. In North America, US offshore spending will reach $17,5 billion and $7,3 billion in Mexico.