Oil and gas industry entering new offshore investment cycle, Rystad says

A strong 2019 provided telltale signs that the industry was entering a new offshore investment cycle, Espen Erlingsen, head of upstream research at Rystad Energy has said. 

Erlingsen said on Tuesday that this trend was perhaps illustrated most profoundly by the rising swell of offshore project approval activity by operators in 2019.

Globally, the amount of oil and gas resources approved for development last year surpassed 20 billion barrels of oil equivalent (boe), the highest level seen since 2011.

A quick look at free cash flow (FCF) levels in recent years confirms that 2019 was a strong year for the offshore sector.

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