The world’s oil and gas companies enjoyed record-breaking profits in 2022, as energy prices soared for consumers and climate change catastrophes dotted the globe.
PERTH (miningweekly.com) – New data by advisory firm Wood Mackenzie (WoodMac) has shown that 2022 was the strongest year in more than a decade for global oil and gas exploration, led by major discoveries in Namibia, Brazil and Algeria.
The December 2022 US-Africa Leaders Summit hosted by President Biden in Washington highlighted the emerging role of Africa in global affairs, including in the competition with China and Russia. In his address to the Summit, President Biden endorsed the proposal for the African Union to join the G20 and pledged $55 billion in financing and investment over three years.
Puma Energy’s Head of Africa, Fadi Mitri, says the energy industry will be at the heart of the post-pandemic recovery, as it will provide industries with the power required to grow and expand.
A renowned Energy Policy Analyst, Mr Ben Nsiah says the hikes in the prices of Liquefied Petroleum Gas LPG will have consequences on Ghana’s environment.
Three months after the execution of the Addax Transfer, Settlement, and Exit Agreement (ATSEA) for the PSC Oil blocks, OMLs 123/124 & 126/137, operated by Addax Petroleum Development (Nigeria) Limited, all closing obligations have been concluded and the Assets have finally been transferred to the Concessionaire, NNPC Limited.
The UAE and France have agreed to develop commercial and other opportunities as part of the Cop28 global climate summit, to further accelerate the development of clean energy.
With 4Q22 results continuing to roll in for energy companies over the coming weeks, earnings are certainly top of mind for investors. Many energy companies will have closed the books on their most profitable year ever, and attention has already turned to 2023. Today’s note discusses the outlook for energy earnings in 2023, why a likely year-over-year decline should not be worrisome, and why energy infrastructure may prove the exception to the broader trend of lower energy earnings.
When the energy crisis hit a nadir two years ago, highly indebted oil and gas companies quickly changed their playbook, adopting stricter cost discipline, cutting back on expensive drilling programs and vowing to return more cash to shareholders in the form of dividends and buybacks.
Refining margins in Asia have dropped in recent weeks as China ramped up exports of fuels amid high export quotas assigned to its refiners in recent months.