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DNV, a technology consultancy in the energy industry, surveyed 791 senior professionals from businesses of all sizes, with annual revenues of $500 million or less and $5 billion or more.
DNV's annual prospects for the global oil and gas industry survey shows that 70% of respondents plan to maintain or increase capital expenditure in 2019. By contrast, the proportion was 39% in 2017.
The proportion of respondents who said they planned to maintain or increase operating expenses also rose from 41% in 2017 to 65%.
In addition, 67% believe that more large capital-intensive oil and gas projects will be approved this year.
"Despite the increased volatility in oil prices in recent months, our research shows that the oil industry seems to be more confident that it has the ability to cope better with market instability and the long-term decline in oil and gas prices," said Liv Hovem, head of DNV's oil and gas department.
"Most industry leaders now seem to believe that the oil industry can grow after a difficult few years," she added.
Surveys show that the industry's emphasis on cost control has weakened, with 21% of respondents saying that cost efficiency will be a top priority in 2019, down from 31% in 2018 and 41% in 2016.
The survey also shows that more energy companies are ready to move towards cleaner energy in the long run.

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