Out to sea
There is still potential for offshore upstream around the world. Our series of articles investigates the challenges and opportunities in depth.
OFFSHORE upstream is now a game of two halves. Production continues apace in many regions, founded on investment made at $100 oil, while offshore licensing rounds have generally been met with lukewarm responses. Despite some bright spots, there is no disguising the dramatic downturn. Baker Hughes’ international rotary rig count shows a sharp decline in active offshore rigs from 334 in November 2014, when oil prices were starting to slide, to 211 in March this year. That collapse accompanies a sharp drop in expenditure, which isn’t going to recover soon. In a recent report, consultancy Douglas Westwood forecast subsea hardware spending will total $94.3bn in 2016-20 – a 19% fall from the 2011-
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23 March 2026
A complex and sometimes contradictory web of factors that include unpredictable oil prices, the globalisation of LNG markets, the expansion of Middle Eastern sovereign capital and the growth of datacentre demand will shape the energy landscape beyond 2026
23 March 2026
The Strait of Hormuz crisis highlights how key waterways can become global chokepoints
20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
