Offshore energy outlook
The International Energy Agency(IEA) released its Offshore Energy Outlook report, looking at all aspects of offshore energy production for the next 20 years. While over a fourth of today’s oil and gas supply is provided by offshore operations globally, oil production has remained relatively stable at 27 million barrels per day, and natural gas production increased by 50% since 2000. While wind powered electricity has increased rapidly, mainly due to wind turbines in the North Sea, it has been a marginal increase of 0.2%. Setbacks to offshore production have been the 2010 Deepwater Horizon accident, the shale revolution’s role in lower prices, and the longer-term uncertainties over demand.