Offshore Oil & Gas Spending Set To Jump To $44 Billion In 2021 ...Middle East

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Offshore Oil & Gas Spending Set To Jump To $44 Billion In 2021
source : OILPRICE ( Middle East ) () 24
After last year’s lowest spending on new field developments in 30 years, the offshore oil and gas sector is set to significantly increase capital expenditures this year to around US$44 billion, according to Westwood Global Energy Group. Offshore upstream oil and gas spending is expected to surge to around US$44 billion this year, compared to just US$12.3 billion worth of engineering, procurement, and construction (EPC) contracts awarded in 2020. In 2019, before the pandemic hit oil demand and prices, the EPC contracts in the offshore oil…

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