Upstream looks to deepwater rescue

The deepwater sector must be brave by fast-tracking projects and making progress to seize huge offshore opportunities and not become bogged down by capacity constraints and consolidation

Oil and gas growth is resting in fewer and fewer hands: whether that is on a country, corporate or on an E&P level. The deepwater sector offers salvation for now, but in the longer term more needs to be done to overcome complexity, cost and capital discipline, according to analysis from Welligence Energy Analytics. Deepwater oil and gas development is entering a pivotal phase, with the sector expected to remain a major driver of non‑OPEC supply growth over the next five years amid robust drilling activity. However, the ability of deepwater to fulfil this role will depend heavily on a meaningful increase in activity levels over the next five years. The pace of project advancement in 2025