Oil & Finance 2022: Oil is back! – Was it ever gone?

Source: press release, 7 April 2022

illustration: NPF
illustration: NPF

After a turbulent 2021, further uncertainty and turmoil continued into 2022 with Russian military invasion of Ukraine. 2021 started with a rebound in global economic activity with energy demand back on a strong growth trend but with limitations and bottlenecks on the supply side combined with planned and non-planned production shutdowns. The European energy market experienced cold weather and low output from intermittent wind power production, increasing the need for coal and natural gas power generation to balance the electricity demand.

The invasion of Ukraine has increased the focus on Europe’s reliance on Russian gas. Regardless of ambitions of increasing renewable energy production such as wind power, Europe will need alternative natural gas supplies for years to come. Security of supply is on the agenda. The climate is changing. So are the outlook for oil and gas prices.

In this critical situation, as some companies are talking about carbon neutrality, for the vast majority of oil companies the main strategy is still to find, develop and produce hydrocarbons as cheaply and efficiently as possible. But oil companies are making investment decisions for projects with a long time horizon.

All this will be the backdrop for this year’s Oil & Finance conference. Is the climate indeed changing again for new investments in the oil & gas industry? Will we see capital flowing into the business?

The Norwegian Petroleum Society (NPF) invites you to the pleasant environment at Lysebu for the 2022 Oil & Finance conference – which also offers you plenty of opportunity for networking.

Date: 8-9 June 2022
Location: Lysebu, Oslo, Norway
Contact: Kristin Øinæs, NPF Project Manager