Despite the lower-for-longer oil price some of the biggest oil and gas companies are still spending on some big projects.

Petrobras is going to spend some $57bn over the next five years to bring planned projects online.

Petroleos Mexicanos, Statoil ASA and Oil and Natural Gas Corp also have a lot of offshore projects coming up in the period 2017–25.

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GlobalData research in the report indicates that in the next five years, 279 key planned offshore crude and natural gas projects are expected to start operations in 46 countries.

Of these, Brazil, UK and the US would be leading with the highest number of planned projects. Brazil also leads in terms of the capex spending on the planned offshore projects.