The oil and gas industry is staring at a $400 billion business opportunity through synergies with the offshore wind sector, which is set for explosive growth over the next two decades, according to new research from the International Energy Agency (IEA).

The Paris-based agency said global offshore wind capacity may increase 15-fold and attract around $1 trillion of cumulative investment by 2040 as it takes the lead in energy transition amid efforts to boost decarbonisation.

“This is driven by falling costs, supportive government policies and some remarkable technological progress, such as larger turbines and floating foundations,” according to the IEA's 2019 Offshore Wind Outlook.