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After Reaching the Mark of US$ 100 Billion in 2022, the Global Offshore Oil and Gas Sector Is Expected to Stay Above This Mark in 2023. Rystad Energy Highlights That Brazil Will Be the Major Focus for Investment Attraction in the Segment This Year.
The consulting firm Rystad Energy has great projections for Brazil’s presence in the international offshore oil and gas market in 2023. Expectations are for a receipt of US$ 23 billion in investments in the national sector. The search for oil and gas fields with low carbon intensity will contribute to offshore projects in the national territory throughout the year.
Offshore Oil and Gas Sector Is Expected to Stay Active in the International Scene, with Strong Investment Attraction to the Brazilian Market
After being heavily impacted by social isolation during the pandemic of COVID-19 in recent years, the offshore oil and gas sector is back in the global market spotlight.
The consulting firm Rystad Energy is projecting significant investment attraction in the sector throughout 2023.
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In 2022, the sector managed to reach the mark of US$ 100 million in attractions. Now, the expectation is that the number will be maintained, or even increased, between 2023 and 2024.
For the company, Brazil will remain the major highlight in the development of exploration projects and production of offshore oil and gas.
The segment is one of the most profitable in the national market over the past decades due to high investments in research and innovation for the exploration of national basins.
The consulting firm Rystad Energy estimates that the offshore sector will account for 68% of all conventional projects sanctioned worldwide between 2023 and 2024. Between 2015 and 2018, before the global pandemic, the number was around 40%.
For the company, the current scenario of changes in the projects of major players in the segment contributes to the Brazilian offshore market. This is because oil companies are increasingly focused on exploring areas with a low carbon footprint.
This way, the offshore fields in the national territory stand out as the most profitable for oil and gas production.
Middle East Expected to Be the Major Engine of Investments in Offshore Oil and Gas Projects in the International Scenario, Says Rystad Energy
According to Rystad Energy, production companies of fuels are still focused on the search for profitable and safe fields for low-carbon exploration.
In Brazil, offshore oil and gas projects are distinguished by their productivity, as well as their environmental commitment.
According to a report by Wood Mackenzie, the availability of environmentally and economically advantageous barrels is scarce worldwide.
Thus, the trend is for companies to turn to investments in locations such as national basins in the coming months.
In addition, Rystad Energy projects that the Middle East will be the major engine of investments in sector projects in 2023.
With huge projects under development in Saudi Arabia, Qatar, and the United Arab Emirates, investments will reach US$ 33 billion this year, and will rise to US$ 41 billion in 2025.
On the other hand, Norway will also see growth in attracting new projects, expecting to raise US$ 21.4 billion this year.
According to Rystad Energy, Brazil remains one of the largest players in the international oil and gas market.
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