Offshore Wind Expenditure to Match Upstream Oil and Gas in Europe Next Year

The oil market collapse caused by the Covid-19 pandemic is set to delay several oil and gas developments in Western Europe, putting capital expenditure in the offshore sector on a continued downwards trajectory through 2022.

In light of the postponement of multiple final investment decisions (FIDs) on projects and lower investments in offshore oil and gas, coupled with increasing activity in the offshore wind sector, Rystad Energy expects that the two markets will reach parity as soon as next year. We anticipate that capital expenditure (capex) on offshore wind will surpass upstream O&G spending in Europe in 2022. Capex towards offshore wind in Europe surpassed the $10 billion mark in 2015 and has since hovered in the range of $10 billion to $15 billion per year.... ... More: Official Press Release Rystad Energy

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Rystad Energy, offshore, wind, oil, gas, Europe, expenditure, surpass, Capex, COVID-19