OPINION: The oil and gas industry has ended 2021 on a high note with elevated commodity prices and prospects for 2022 looking distinctly rosier.

Climate action may dominate the global energy debate and will influence spending patterns, but hydrocarbons are clearly set for gains, too.

Brent blend crude was close to $80 per barrel on 30 December, meaning oil values were likely to start the New Year around 60% higher than 12 months ago.

Gas prices may have fallen in Europe during the final week of the year, and liquefied natural gas marker prices in South Korea and Japan dropped from highs reached earlier in December, but prices remained at historically high levels.