The upcoming edition of the EIC Connect Energy USA comes at a pivotal moment for the US energy market. While the Inflation Reduction Act has helped the clean energy sector build momentum through a massive US$369bn tax incentive package, the oil and gas sector in the US holds firm in view of increased energy security concerns across the globe. Meanwhile, presidential elections in November have the potential to reassign federal priorities for the energy industry and pave the way for a completely new market dynamic over the next four years. Looking ahead, the current US energy project portfolio is massive: EICDataStream currently tracks over 1,850 energy projects with start-up by 2030, associated with a combined capital expenditure of US$1.2 trillion. Prospects are also buoyant in the OPEX segment: EICAssetMap tracks over 10,000 assets in the US, representing a major opportunity for the O&M supply chain.

From Alaska to the Gulf of Mexico, oil and gas activity remains resilient as projects advance in the up, mid, and downstream sectors. Major field development projects such as Shell’s US$5.5bn Sparta offshore oil field and ConocoPhillips’ US$7.5bn Willow project in Alaska have been sanctioned, while BP is expected to announce an FID for its mega Kaskida project in 2024. In the midstream sector, greenfield and brownfield investments in pipelines and gas processing facilities, in addition to already-sanctioned LNG export terminals, concentrate the bulk of business opportunities. Looking at the downstream sector, the emergence of alternative fuel projects for the production of renewable diesel, SAF and biomethane, among others, opens a new window of opportunity for the supply chain.