Over the next few years, Asia Pacific will be awash in subsea opportunities as international oil companies (IOCs) and national oil companies (NOCs) work through a backlog of projects, while offshore wind developers ramp up activities across the area.
PTT Exploration & Production (PTTEP), Eni, Shell, Woodside, Inpex, Petronas, and PTT Exploration & Production (PTTEP) are all planning to move projects forward.
According to the latest research from consultant Rystad Energy, the subsea industry in Asia Pacific is set to speed up this year, with total spending of around $4 billion on subsea umbilicals, risers, and flowlines (SURF), equipment, and services as operators pursue deep-water projects.
However, because of the Covid-19 epidemic, subsea greenfield spending in the region will only account for around $1.5 billion of the overall outlay. Nonetheless, Rystad forecasts the greenfield market to gradually improve beginning in 2023 and to demonstrate a modest rebound in the mid-term, with investment reaching just over $2.5 billion in 2025.
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