The UK’s Contracts for Difference (CfD) scheme has played a key role in developing the country’s offshore wind industry – 65% of operational and EPCI capacity is now supported by a CfD. Industry experts were closely following the results of the fourth CfD auction; would the scheme remain as popular as in previous years?
Westwood Insight – Contractors in buoyant mood as five-year offshore EPC spend to total $276 billion
A review of offshore oil and gas (O&G) engineering, procurement and construction (EPC) activities in the first half of 2022 has been a mixed bag, emboldened by Brent oil price averaging $70/bbl in 2021 and $107/bbl in 1H 2022, there were high expectations for an influx of offshore EPC awards.
Rig activity in the Asia Pacific (APAC) region, which comprises Southeast Asia and Australia, has become much busier in 2022. In Southeast Asia, however, all that activity is not completely due to increasing rig demand from operators.