Global oil and gas project sanctioning is set for a monstrous 75% plus drop in 2020 from 2019 levels, as the Covid-19 pandemic has led to massive E&P spending cuts, the energy intelligence company Rystad Energy has estimated.
According to Rystad Energy, the total sanctioning value will end up at around $47 billion, an amount that would be even lower if not for recent developments in Norway and Russia.