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Saturday, September 26, 2020 8:39 GMT
The Covid-19 pandemic has devastated global oil and gas project sanctioning this year and will cause total committed spending to drop to around US$53 billion from 2019’s US$190 billion, Rystad Energy projects. Postponed plans will, however, cause the total worth of final investment decisions (FIDs) to double next year and exceed pre-pandemic levels already from 2022. Offshore commitments are now expected to reach US$34 billion in 2020, down from 2019’s US$101 billion. Onshore sanctioning is...More