Håkon Skretting Director at Norwegian Energy Partners (Norwep) presented the new market report at a meeting in Arendal on Thursday.

Investments in oil and gas are estimated to increase by USD 30 billion from 2021 to 2025, far more than investments in offshore wind.

“Investments in global exploration and production will grow steadily and approach pre-covid levels towards 2030, based on a four per cent growth every year. Brazil, Norway, Russia, United States, and China will be leading the way,” says Håkon Skretting, Director at Norwegian Energy Partners (Norwep).

At a meeting in Arendal on Thursday, Skretting presented the Annual Offshore Oil & Gas Market report for 2022-2025, produced by Norwep and Rystad Energy, which shows great opportunities for Norwegian industries in the years to come.

Projections from Rystad Energy suggest that global oil demand will peak at 101.6 million barrels per day, plateauing before falling below 100 million in 2030.

Given that political measures are in place, the demand for oil could fall by 50 per cent by 2050. However, the demand for gas is expected to increase given the same scenario.

“Growing distance between the demand and supply hubs necessitates seaborne transport. Asia and Europe will be the largest importers of gas, whereas Russia, North America, Middle East, Australia, and Africa will be the largest exporters. LNG transportation vessel will be in demand,” says Skretting.