Current energy shortages and an under investment in fossil-fuel projects could prove the necessary stimulus for a recovery in the offshore market.
The price of Brent crude is up 50% this year as businesses and consumers increase consumption of everything from petrol to aviation fuel as governments around the world lift Covid-19 restrictions.
In contrast, the amount of money spent on global upstream projects has plunged to near $300bn, less than half of the $650bn seen before the pandemic, Hess Corp chief operating officer Greg Hill told the Platts APPEC 2021 conference in Singapore recently.
