Capital investment in sea-based wind power off Europe will match offshore oil and gas in the next year and eclipse it in 2022, according to new calculations from consultancy Rystad Energy, as the collapse in global crude markets takes its toll on supermajor’s project development ambitions.

Annual spending levels on offshore wind in the northern seas, which has hovered above $10bn a year since 2015, is expected to climb to around $13.8 billion in 2020, to $18.2