The year 2022 was exceptional for Upstream cash generation, where there were also significant discoveries and a number of pivotal acquisitions for the years to come.
On the strength of a campaign in recent years to drive its breakeven point below $25/barrel, E&P was able to capitalize on rising oil and gas prices to generate more than $26 billion in cash. Meanwhile, the exploration teams chalked up some major successes, with discoveries in Suriname, Namibia and Cyprus. The Company also expanded its LNG portfolio in Qatar, joining the NFE (North Field East) and NFS (North Field South) projects, and completed major acquisitions in Brazil. Our existing assets have seen steady activity, with first oil at Ikike in Nigeria and final approval announced for Begonia and Clov 3 in Angola, Fenix in Argentina, Ballymore in the US and Eldfisk Nord in Norway.
