The offshore oil and gas sector is primed for a burst of investment to make up for low spending in recent years.
In the absence of any major surprises in oil and gas demand, data compiled by consultancy Westwood Global Energy shows a sustained upcycle over the 2022-26 forecast period, with offshore engineering, procurement, and construction (EPC) spending estimated to total $276bn, a 71% increase over the previous five-year period.
