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Why TotalEnergies is still betting on oil


DECRYPTION - The group wants to accelerate in gas and renewables, but it is still looking - and finding - for black gold.

For the TotalEnergies group, Uganda will be a




green field

in literal translation.

Not because of the lush vegetation of this country in the Great Lakes region, but because it will be a completely new oil field.

Probably one of the very last of its kind.

The company will put it into operation in 2025 with Chinese Cnooc and Ugandan Unoc.

The lifespan of this project, baptized "Tilenga", is indeed about twenty years, which will take it until 2045. However, in 2050, according to the "net zero" scenario of the Agency (IEA), oil production should be more than divided by three.

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To do this, no investment in new




projects is no longer justified from today, according to the IEA.

TotalEnergies does not see this scenario materializing, because it assumes a drop of more than 4% per year in demand between 2020 and 2050. The major expects a decline almost half as strong, and only at…

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Source: lefigaro

All business articles on 2022-10-04

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