Oil investment growth is peaking, and the industry is shifting towards short-cycle, short-life projects, says Goldman Sachs Research’s Michele Della Vigna.
MUMBAI, May 31 (The CONNECT) – The oil and gas industry is undergoing a major transformation as it braces for the eventual long-term decline in oil demand and rising global need for natural gas.
As those trends ripple through the industry, growth in oil investment shows signs of peaking in non-OPEC countries, while investment in liquified natural gas (LNG) is expected to increase more than 50% by 2029, according to Goldman Sachs Research.
The industry had 73 major projects under development worldwide last year, 30% more than at the beginning of the decade but still 32% below the level in 2014, according to Top Projects, GS Research’s 21st annual analysis of the energy sector. Underscoring this shift, Goldman Sachs Research projects the global gas market will grow 50% during the next five years.
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