The Offshore Technology Conference (OTC) in Houston, Texas celebrates its 50th birthday this week, begging the question – what will the next 50 years hold for the offshore market? Luckily, the data can provide some clues. Rystad Energy has analyzed the historic investments and oilfield service purchases of the world’s 50,000 oil and gas fields (1). While the forecast is uncertain, our analysis paints a fascinating picture of how offshore could contribute to the future of the service industry. “Total greenfield project sanctioning, summed up to the present day, only accounts for 40% of estimated volumes of offshore projects ever being sanctioned. Likewise, the brownfield market has only begun, with total historical expenditures accounting for only about 20% of estimated brownfield spend over the projects lifetime, leaving 80% of brownfield spending to the future. And the decommissioning market is still in its nascent form,” says Audun Martinsen, head of […]