A major energy research firm now says investment in oil and gas production will grow by 20 percent to $344.4 billion this year, up from the 8 percentNorwegian firm Rystad Energy said it’s the highest forecasted growth rate since 2008, with investment set to go up 35 percent in shale oil areas like the Permian Basin, and offshore deepwater drilling investment is expected to increase around 30 percent.
The small country of Guyana in South America, nestled between Venezuela, Brazil, Suriname and the Atlantic Ocean, has experienced rapid growth in its oil and gas activity in recent years. Earlier this year Houston-based Exxon Mobil said it made three new discoveries in the country for a total of 18 new oil and gas discoveries since 2015. Total production capacity is set to reach 340,000 barrels of oil per day by the end of this year,The price of oil is the main reason behind the increased investment, Rystad said. Oil has been trading above $100 per barrel as the global market reacts to Russia’s ongoing war against Ukraine and retaliatory sanctions on Russian oil and gas.