Chinese NOCs enjoy bumper profits in 2022 [Gas in Transition]
Chinese NOCs enjoy bumper profits in 2022 [Gas in Transition]
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Natural Gas News
Chinese NOCs enjoy bumper profits in 2022 [Gas in Transition]
Summary
After reporting some of the best annual earnings in their history, China’s big three state-owned energy companies are buoyant about prospects for this year as global oil prices and a post-pandemic recovery back home gather pace. [Gas in Transition, Volume 3, Issue 4] by: Shi Weijun
China’s three NOCs, fresh off strong earnings for 2022, will be looking to maintain momentum from last year’s stellar performances by capitalising on an expected uptick in oil and gas demand driven by the Chinese economy’s reopening. PetroChina, CNOOC and Sinopec all reported financial results in late March that indicated this year is shaping up to be one of reset and normalisation for China as the Chinese government looks to put an unprecedented past 12 months behind it. Beijing’s abrupt decision to abandon President Xi Jinping's signature zero-COVID containment strategy that prompted mass protests last November will be welcomed across the economy – not least the energy sector, which contended with weakened oil and gas demand last year. China is poised to account for half of oil demand growth for 2023, according to the International Energy Agency. Consumption will also pick up ...
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”