Wenche Nistad, CEO of the Norwegian Export Credit Guarantee Agency (GIEK) pulls no punches in assessing the appetite for investment in traditional offshore oil and gas today: “The money has disappeared; nobody wants to invest in oil and gas anymore; it’s all about renewable energy.”
While GIEK’s guarantees to offshore wind total only about $500 million today, a scant portion of its cumulative portfolio, the offshore wind portion has quadrupled in value since the end of 2019.
Nistad discusses the present, and future of offshore renewable investment strategy with Offshore Engineer TV.