After three tough years, confidence in oil & gas industry growth has risen globally from 32% in 2017 to 63% this year. Two thirds (66%) of respondents say their company will maintain or increase capital spending in 2018, compared to 39% last year.
DNV GL’s annual report reveals an imminent turnaround in spending on R&D and innovation after three years of cuts and freezes. More than a third (36%) of 813 senior sector players surveyed, expect to increase spending on R&D and innovation in 2018: the highest level recorded in four years. Digitalization (37%) and cyber security (36%) will form the principal areas of R&D investment focus this year.