The oil and gas industry started the year riding a wave as the big international service providers reported strong quarterly earnings - a trend that would extend to the major oil companies and continue throughout the year, with some companies reporting record profits in 2022. But some undercurrents grew as well, notably inflation and supply chain worries, along with calls for windfall taxes on extraordinary oil and gas profits. South America remained a bright spot for exploration and production, with development picking up pace in Guyana, where demand for floating production units continued to rise, sparking competition among the handful of companies capable of delivering. Exploration interest was high in neighbouring Suriname, while stalwart Brazil remained an active playing field for offshore companies. Blasts at the Nord Stream 1 and 2 pipelines on the Baltic Sea border of Sweden and Denmark - since ruled an act of sabotage - sent already volatile gas prices rocketing and heightened tensions between the West and Russia, which has denied any involvement in the pipeline rupture. The apparent attack - and unidentified drone sightings at Norwegian facilities -also prompted European authorities to beef up security around oil and gas assets.
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