The French group Totalenergies plans to “increase its hydrocarbon production between 2 and 3% annually over the next five years”, ensuring at the same time that it wants to maintain “the course of its balanced multi-energy strategy”, based in particular on LNG and electricity.
The group’s oil and gas production was in decline between 2019 and 2022, and so far the French major has not communicated a quantified growth or decline target, counting on stable production by the end of the decade.
A multi-energy strategy
The group plans to “increase its hydrocarbon production between 2 and 3% annually over the next five years thanks to its rich portfolio of low-cost and low-emission projects” of greenhouse gases, it explained in a statement before presenting its strategy to investors in New York, specifying that it intended to “drastically reduce emissions from its operations.”
9,000 million euros in share buybacks
“Thanks to the reorientation of the oil and gas portfolio towards assets and projects” with low costs and “low greenhouse gas emissions” and “diversification in electricity, particularly renewable (…) the company is implementing its strategy transition while guaranteeing an attractive shareholder return policy.
In 2023, the group plans to allocate “$1.5 billion of the amounts received from the sale of Canadian assets to share buybacks to reach $9 billion for the year,” it indicated in reference to its exit from the Canadian tar sands.
Source: BFM TV
