EnergyWatch

New offshore projects could surpass 2014 record

Offshore project sanctioning has gained traction and may well overtake the record level from 2014 this year, assesses Rystad Energy. Led by Saudi Aramco, new projects have so far surpassed USD 50 billion in 2019.

Photo: NERIJUS ADOMAITIS/REUTERS / X03961

The offshore sector's activity level is slowly approaching that of before the 2014 oil crisis, assesses Rystad Energy.

Led by Saudi Aramco's expansion in the Marjan and Berri projects, the sanctioning of new projects has so far surpassed USD 50 billion in 2019, edging close to the USD 78 billion record-level from 2014, a time when a barrel of oil cost USD 100.

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