Tendering momentum on major projects remains elevated, supportive of OFS activity into ''23 Our usual weekly round-up of key project news from Upstream is overleaf. As we head into the final stages of 2022, tendering momentum on major projects worldwide continues to increase. In Brazil, Petrobras alone may soon have up to nine large FPSO vessels under construction, with the NOC reportedly issuing requests for interest in upcoming tenders for the Sepia-2 and Atapu-2 FPSOs. It may have to delay the February submission date in a tender for a further 120kb/d vessel for the Albacora revitalization to give potential bidders more time, despite recently relaxing tender rules to encourage greater competition. At Mero-4, the NOC is said to have cancelled the SURF tender having failed to agree to contracting terms with Saipem, the sole-bidder. In Guyana, Modec is set to break into the market with the award of the Uaru-Mako FPSO FEED. In the Middle East, Adnoc is set to award pre-construction services agreements related to its $10bn+ Hail and Ghasha project ''within weeks'' to consortia including Technip Energies and Saipem, while technical bids submitted for Qatargas'' NFS LNG project are understood to include the engineering design and EPC option for a further two LNG trains, a wider scope than we had originally expected. SLB sees up to 50% increase in Offshore investment in next four years vs 2016-19 SLB outlined at its CMD yesterday its bullish view on Offshore and Middle East activity through 2025 and beyond, which it sees driving double-digit growth in global upstream capex in the years ahead. Notably, SLB sees Offshore activity ''far exceeding'' pre-pandemic levels of activity, with an up to 50% increase in offshore investment in the next four years based on industry FID estimates. SLB''s comments provide positive read-across to much of our Offshore and Middle East-focused OFS coverage, reinforcing our view that increased development of international supply...