The upstream oil and gas industry will see a strong surge in greenfield investment commitments this year, dominated by offshore projects.
Consultants Rystad Energy said that investment in the upstream oil and gas industry this year will hit $151 billion, up 10% from 2022.
Offshore developments are set to dominate these new investments, at almost $81 billion, with more than $52 billion already sanctioned.
In the onshore sector, $23 billion-worth of projects have already been sanctioned to date this year, with a further $46 billion expected for sanctioning in the coming months, according to Rystad.
