![Much of the expected increase in production is coming from offshore oil and gas projects approved at the start of the decade. Matthew Brown / AP Photo](https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/UQT74URBMLMPVH7EECN4XS2NHA.jpg?smart=true&auth=45231e6593ad6779cbf738d0706b8405f15231b7bef7b92f7f9e83316aad7121&width=400&height=225)
Much of the expected increase in production is coming from offshore oil and gas projects approved at the start of the decade. Matthew Brown / AP Photo
Much of the expected increase in production is coming from offshore oil and gas projects approved at the start of the decade. Matthew Brown / AP Photo
Oil majors on track for sweet spot this year as pre-crash investments ripen
The oil majors are not increasing their drilling budgets. Instead they are benefiting from money invested before the rout.