Higher oil prices, lower offshore development costs, and improved gas demand outlook have made the oil and gas industry more confident in approving investment in new projects whose total worth has exceeded US$110 billion since the beginning of 2017, research and consulting firm Rystad Energy said in a new analysis this week. After oil and gas projects worth just US$50 billion were approved in 2016, the industry “has vastly accelerated the pace of approving investments for new projects over the past 18 months,” Rystad Energy said. “Deepwater projects on either side of the Atlantic Ocean – from Norway to the US and from Angola to Brazil – are leading the charge towards new approvals. Higher oil prices, an improved outlook for gas demand and lower offshore development costs are driving this rebound in the industry,” Rystad Energy senior research analyst Readul Islam noted. Over the past 18 months, a […]