100 offshore projects could be sanctioned in 2018, Rystad Energy says

A hundred offshore oil and gas projects might be sanctioned in 2018, up from 60 in 2017, and 40 in 2016, Rystad Energy, a Norway based energy intelligence group said on Thursday.

Rystad said that the current tailwind in the oil market is likely to propel 100 new offshore projects this year. These projects represent a collective $100 billion worth of capital investment, giving an average of about $1 billion per project. In contrast, the average projected capex for offshore projects approved in 2013 was $1.8 billion, Rystad Energy said.

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