A continuous and gradual increase: TotalEnergies changes course. The French group plans to "increase its hydrocarbon production by 2 to 3% per year", over five years, while ensuring that it wants to maintain "its balanced multi-energy strategy", anchored in particular on LNG and electricity.
The group's oil and gas production was declining between 2019 and 2022, and until now the French major did not communicate a numerical target for growth or decline, counting on stable production by the end of the decade.
"High profitability" oil projects
The group intends to "increase its hydrocarbon production by 2 to 3% per year over the next five years thanks to its rich portfolio of low-cost and low-emission projects" of greenhouse gases, he said in a statement before the presentation of its strategy to investors in New York, adding that it intended to reduce "drastically the emissions of its operations".
TotalEnergies, which posted record profits last year, intends to "develop its pipeline of leading LNG projects (Qatar North Field Expansion, Papua LNG, ECA LNG and Rio Grande in the United States, Mozambique LNG)" and bring into production its portfolio of "high profitability" oil projects: Brazil, Gulf of Mexico, Iraq, Uganda, while welcoming "promising exploration successes in Suriname and Namibia".
"TotalEnergies reaffirms the relevance of its balanced multi-energy strategy in view of the evolution of the oil, gas and electricity markets," he said. "Thanks to the refocusing of the oil and gas portfolio on assets and projects" at low cost and "low greenhouse gas emissions" and "diversification into electricity, including renewable (...) The company is implementing its transition strategy while ensuring an attractive shareholder return policy."
The group plans to allocate in 2023 "$ 1.5 billion of the amounts received from the sale of Canadian assets to share buybacks to bring them to $ 9 billion over the year," he said in reference to its exit from the oil sands in Canada.