Westwood recorded 38 offshore field final investment decisions in the first half of 2026, a 90% rise year on year, with committed capex reaching $66.4bn — more than three times the prior-year level. Full-year 2026 offshore field development capex is forecast at $137bn, up 30% from $105.2bn in 2025.
Spending is more evenly spread than in 2025, when 80% of committed investment fell in the second half; 2026 splits $66.4bn in H1 against an expected $70.5bn in H2. Latin America becomes the largest regional market at $28.5bn, ahead of Asia and North America at $26bn each, while the Middle East slips to $22.8bn.
Floating platform EPC value is the clearest structural shift, rising from $15.6bn in 2025 to $37.7bn in 2026, while drilling and completion spend falls to $23.5bn. Second-quarter FPS awards totalled roughly $11.4bn across six units, including Petrobras' P-81 and P-87 FPSOs awarded to SBM.