Offshore EPC investment primed for a rapid bounce-back in 2021 - Westwood Insight
02 Feb 2021
2020 will be remembered as one of the most challenging years in the history of the oil and gas sector. Oil consumption fell to levels not seen since 2001 and at one point US producers were paying to offload crude as the WTI price went negative for the first time ever. In the offshore sector, investment in new field developments was the lowest in over 30 years as companies of all sizes reacted quickly to the commodity price crash by slashing on average 30% from planned 2020 capex and postponing/stalling $54 billion of 2020 offshore EPC contract awards.