Page 4: of Offshore Engineer Magazine (Jan/Feb 2023)

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EDITOR’S LETTER

Awash in Cash ig Oil has 219,000,000,000 reasons to be happy. In 2022

Big Oil – BP, Chevron, Equinor, Exxon Mobil, Shell, and Vol. 48 No. 1

BTotalEnergies – more than doubled its pro?ts to $219 bil-

ISSN 0305-876x USPS# 017-058 lion, blowing previous records out of the water during a year 118 East 25th Street, marked by volatility, punctuated by Russia’s invasion of Ukraine

New York, NY 10010 and all of the economic and energy insecurity that ensued.

tel: (212) 477-6700; fax: (212) 254-6271

Awash in cash, oil companies have signaled a re-think on the www.OEDigital.com speed of energy transition strategies, striking while the theoreti- cal oil price iron is hot and making amends for a nearly seven-year

EDITORIAL

GREGORY R. TRAUTHWEIN run of stagnation and shrinkage.

Editor & Publisher

None were clearer than Bernard Looney, Chief Executive, BP, who

BARTOLOMEJ TOMIC

Managing Editor said: “We need lower carbon energy, but we also need secure energy, [email protected] and we need affordable energy. And that’s what governments and

ERIC HAUN society around the world are asking for.” [email protected]

While ladling cash on investors courtesy of dividends and share

ELAINE MASLIN, Aberdeen buybacks is a priority, much of the recent windfall is making its way [email protected] back into exploration and production, as the ?eets of idled rigs and

WILLIAM STOICHEVSKI, Oslo [email protected] boats come back to life.

PRODUCTION / GRAPHIC DESIGN

The ?oating production niche, which was moribund for several

NICOLE VENTIMIGLIA years, is roaring back, with IMA/WER projecting orders for 9 to 11 [email protected]

FPSOs, a few FLNGs and a handful of FSRUs, too. But while pros-

SALES

TERRY BREESE, VP Sales pects are bright, a number of hurdles – from a dearth of quali?ed