Few companies are paying down debt while staying bullish on exploration plans, but Africa Oil is an exception.

“I’m an oil price bull,” Africa Oil’s president and CEO Keith Hill said. “I like to follow the advice of Warren Buffett, to be fearful when others are greedy and greedy when others are fearful. I have never seen the industry be quite so fearful as it is now.”

It is not just the oil price that is driving this caution, but also ESG concerns and uncertainty around the energy transition, Hill said. “There are some real opportunities, from majors looking to pay down debts or distressed companies.

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Source: EnergyVoice