Every region will post an increase, led by the Middle East, the Americas, Africa and the FSU. Offshore activity will grow at about the same pace as onshore drilling.
Although global oil and gas demand has recovered much of the ground lost last year, there are plenty of question marks left in the market for operators to navigate, including ESG and renewables challenges.
Worldwide E&P expenditures should grow 8% during 2019. North America’s uptick will continue, but at a slower rate, while international activity should energize the OFS sector.