The Global Gas Market in 2023 – what to expect
A lot has happened over the past couple of years in the gas industry. It is important to fully understand and be aware of what is predicted to happen in the industry, so you and your team can be prepared for whatever is thrown your way. Lean onto our KnowHow as we discuss the global gas market in 2023 – and what we can do to continue to Forge Forward together in the future.
2023 global gas market predictions and trends to look out for
Based on extensive research and industry insight from leaders such as Wood Mackenzie, here are the top five trends and predictions that will be setting the shape of the global oil and gas market in 2023.
1. Shifting Capital Allocation
- 2023 will be characterized by firms completing the deleveraging phase.
- If oil prices remain above $80 per barrel, oil and gas firms can increase their revenues – raising funds to pay off debts.
- Energy companies are predicted to shift to a dual capital allocation strategy that focuses on increasing investments.
2. Rise in oil and gas investments
- Oil, gas, power, renewable energy, metals and mining are set to increase by 5% and reach $1.1 trillion in 2023. There is a prediction that there will be a 10% overall increase in capital spending in upstream oil and gas projects, from $370 billion in 202 to $470 billion in 2023.
3. Operators to reposition their carbon portfolios
- More oil and gas operators are predicted to prioritize emission predictions in 2023, with gas-led activities set to accelerate.
- Mergers and acquisitions will increase, as companies unload more disadvantaged assets to optimize their project portfolios.
- An overall increase in private sectors is anticipated in upstream projects.
4. Big year for natural oil companies to invest in new supply
- National oil companies (NOCs) will expand their energy investments to boost output and deliver new oil and gas projects.
- NOCs from oil-exporting countries will prioritize investments that expand their capacity to deliver energy exports, and those from importing countries will focus on boosting investments in exploration and production infrastructure rollout.
5. Independents to diversify
- Independents will expand their geographical footprints and diversify their portfolios to include more oil and gas in cash-generating assets.
How nexAir can be your constant supply of gas + information this year
With an industry that is predicted to constantly evolve, one thing needs to remain consistent – your gas supply. At nexAir, we take pride in providing our customers with a high-quality, reliable source of gas for whatever industry they are in, or project that they are taking on. No matter what may be changing, you can rest assured in knowing that you will never be left without what you need to Forge Forward this year.
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