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Offshore is back: Middle East projects to drive over $200 billion investments

Although the Middle East is leading the way, Rystad Energy’s research shows that South America, the UK and Brazil are just slightly behind. Investments in the North Sea from the UK and Norway will rise in the next two years. UK offshore spending is set to jump 30% this year to $7 billion, while Norwegian investments will hit $21.4 billion, an increase of 22% over 2022. Brazilian upstream spending is projected to approach $23 billion this year, with Guyana investments totaling $7 billion. In North America, spending on offshore in the US will top $17.5 billion and $7.3 billion in Mexico.