Offshore Oilfield Spending on The Rise

Offshore exploration and production (E&P) capital expenditures (capex) will shake off the pandemic-induced declines of the past two years and rebound by 20% in 2022, reaching a total $165 billion spent on exploration, wells, and facilities. Matt Hale, Lead Analyst, Energy Services, Rystad, provides his forecast on what we can expect in the oilfield services market in 2023.