Despite the clamour for Energy transition, there are indications that the oil and gas industry still attracts significant investment globally as the rig count, an index of measuring upstream activities, rose by 3.4 per cent, year-on-year, YoY basis to 1,884 in June 2023, from 1,822 in the corresponding period of 2022.

Also, on a month-on-month, MoM basis, the global rig count rose by 1.6 per cent to 1,884 in June 2023, from 1,857 recorded in the preceding month of May 2023.