Global oil and natural gas investments will expand by $26 billion this year led by upstream gas and LNG expenditure, the energy analysis company Rystad Energy announced on Tuesday.
Rystad Energy forecasts overall oil and gas investment will rise 4% to $628 billion this year, from $602 billion in 2021.
Investments in natural gas and liquefied natural gas (LNG) are seen leading the way, rising 14% in 2022 to $149 billion from $131 billion in 2021. Although still short of pre-pandemic totals, Rystad expects investment in the LNG and gas segment surpassing 2019 levels of $168 billion in only two years, reaching $171 billion in 2024.
At the same time, upstream oil investments are expected to rise from $287 billion in 2021 to $307 billion this year, a 7% increase.
Regionally, Rystad highlights Australia, where investments could grow by 33% due to development of new gas fields, and Middle East, where expenditures will increase by 22%.