Global oil & gas project sanctioning is set to recover and exceed pre-Covid-19 levels from 2022

Global oil & gas project sanctioning is set to recover and exceed pre-Covid-19 levels from 2022

The Covid-19 pandemic has devastated global oil and gas project sanctioning this year and will cause total committed spending to drop to around $53 billion from 2019's $190 billion, Rystad Energy projects. Postponed plans will, however, cause the total worth of final investment decisions (FIDs) to double next year and exceed pre-pandemic levels already from 2022.Offshore commitments are now expected to reach $34 billion in 2020, down from 2019's $101 billion. Onshore sanctioning is likely to fall to $19 billion this year from $89 billion last year.Rystad Energy estimates total sanctioning to bounce back to around $100 billion in 2021, primarily supported by offshore projects, whose value is forecasted at $64 billion for the year. Although lagging onshore projects are projected to