Rystad Energy anticipates that capex on offshore wind will surpass upstream oil and gas spending in Europe in 2022. Capex toward offshore wind in Europe surpassed the $10 billion mark in 2015 and has since hovered in the range of $10 billion to $15 billion per year. Annual capex levels are expected to rise from around $11.1 billion in 2019 to around $13.8 billion in 2020, $18.2 billion in 2021 and more than $22 billion in 2022, the consultant claimed. The abundant oil supply and reduced demand have taken their toll on the oil price, and consequently annual capex toward upstream offshore oil and gas in Europe is expected to decline from more than $25 billion in 2019 to less than $17 billion in 2022.
