In a $30/bbl oil price scenario Rystad Energy expects the sanctioned dollar amount by operators to fall below the 2016 level for both offshore and onshore projects. In the previous downturn, the pace of sanctioning long-cycle deepwater projects slowed down, and the analyst expect this trend to be repeated in the current cycle. The list of new deepwater projects currently under evaluation by operators is long and several projects are likely to face delays. Some large deepwater projects that have already been pushed from approval this year, include Aker Energy’s Pecan, Woodside’s Browse, and ExxonMobil’s Rovuma LNG Area 4 project.
Courtesy Shearwater
Courtesy Petter Andre Bøe / Equinor
Courtesy Jersey Oil and Gas
Courtesy Subsea7
Courtesy Energean's "Half-year 2023 results" presentation
