Global oil and gas investment is expected to grow by $26 billion this year as the industry continues to recover from the worst of the coronavirus, according to new analysis from Rystad Energy.


Overall oil and gas investment is forecast to climb by 4% to $628 billion this year from $602 billion in 2021.

“The pervasive spread of the Omicron variant will inevitably lead to restrictions on movement in the first quarter of 2022, capping energy demand and recovery in the major crude-consuming sectors of road transport and aviation. But despite the ongoing disruptions caused by Covid-19, the outlook for the global oil and gas market is promising,” said Rystad’s Audun Martinsen, head of energy service research.

Natural gas and liquefied natural gas (LNG) investment is seen...