TotalEnergies will increase its oil and gas production

French company TotalEnergies plans to increase oil and gas production, as part of its new multi-energy strategy; It expects annual growth of 2-3% in these sectors over the next five years, driven primarily by liquefied natural gas.

The company indicated in a statement that it “is based on two pillars: oil and gas, especially liquefied natural gas, and integrated energy, the central energy of the energy transition, and is in a very suitable position to benefit from changes in energy prices.” .

is reading: TotalEnergies consumes 500,000 tons of green hydrogen annually

He pointed out that thanks to the reorientation of the oil and gas portfolio towards assets and projects with a low break-even point and low greenhouse gas emissions, and the diversification towards electricity, especially renewables, it is implementing its transition strategy by offering an attractive option at the same time. Return to shareholders.

It added that while it is significantly reducing emissions from its operations, it plans to increase oil and gas production by 2% to 3% annually over the next five years, and that it will develop a range of world-class LNG projects, while benefiting from this. . Its competitive advantage with leadership positions in European regasification and US exports.

TotalEnergies will also focus its efforts on developing its portfolio of high-yield oil projects in Brazil, the Gulf of Mexico, Iraq and Uganda. It has recently been enriched by exploration successes in Suriname and Namibia.

You may be interested in: TotalEnergies sets new emissions reduction targets

TotalEnergies expects to generate more than $3 billion of additional core cash flow in its oil and gas businesses by 2028, compared to 2023 levels at constant prices.

We invite you to listen to the new episode of our podcast TT Road: