As the oil market damage caused by the Covid-19 pandemic delays oil and gas developments in Western Europe, capital expenditure on offshore wind will surpass upstream oil and gas spending in Europe in 2022, research intelligence agency Rystad Energy predicts.

Annual offshore wind capex levels are expected to rise from around $11.1bn in 2019 to around $13.8bn in 2020, $18.2bn in 2021, and more than $22bn in 2022.

Rystad Energy project manager for offshore Alexander Flotre said: “Offshore wind development in Europe is expected to flourish in the coming years as countries strive to reach their ambitious 2030-targets – and large investments will be required.

“Commissioning activity is expected to increase towards 2025, and projects expected to be operational in 2023-2025 are already driving up capital expenditure in 2020. This trend will continue in the coming years.”

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By GlobalData