Totalenergies no longer has one but two ATMs. The tanker this morning posted record profits of $20.5 billion for 2022. Rising oil prices obviously pushed production margins from $10 billion to $17.5 billion. But it is also thanks to the explosion in gas prices, linked to the end of Russian gas imports. During the results presentation, CEO Patrick Pouyanné clarified that LNG generated $10 billion in cash during the year 2022.
Thus, liquefied natural gas (LNG) was the second driver of Totalenergies’ results. Thus, it generated almost a billion in cash per month. Europe has replaced its imports of Russian gas with American gas, shipped by ship. The French group wins on both counts: it has become the main exporter of American LNG and the main importer of LNG in Europe. It also brings gas from Russia to Europe through its giant Yamal field in Siberia.
Fulfilling in 2030
This trend will continue, explains Totalenergies. This year it will benefit from two new floating LNG terminals in Germany and France, off Le Havre, to continue importing LNG to Europe. Its gas fields in the Gulf of Mexico will expand like those in Cameroon. And other contracts will be operated for 2025-2026 in Mozambique and especially in Qatar.
The group plans to increase its LNG production by 40% by 2030. At that time a change will occur. It is from this key date that Totalenergies anticipates the beginning of the drop in oil demand and will then take over from its gas activities.
Source: BFM TV
