Oil and gas groups set to revive spending on new production | Financial Times

Oil and gas groups set to revive spending on new production | Financial Times:

Oil and gas companies are set for a surge in spending on new production this year, with forecasts pointing to a near trebling in volume approved for development as higher crude prices encourage a loosening of purse strings.

Consultancy Rystad Energy said that excluding US shale oil and gas it expected more than 46bn barrels of oil equivalent to be given the green light, up from 17.5bn bo/e in 2018.

While the rise partly reflects a delay in project approvals late last year as the oil price dropped 40 per cent, it also shows a growing appetite to invest in gas and offshore oil projects.