Oct 03, V7N- TotalEnergies has announced plans to increase its oil and gas production by around 3% annually until 2030, as part of its strategy to reassure investors amidst fluctuating energy prices. CEO Patrick Pouyanne highlighted the company's significant investments, including a $10 billion offshore project in Suriname, and six major projects across Brazil, Angola, Oman, Nigeria, and Suriname.

The firm sees continued demand for liquefied natural gas (LNG), particularly in Asia and Europe, where countries have shifted away from Russian energy supplies since the war in Ukraine. TotalEnergies aims to capitalize on this, projecting higher oil and gas production growth than previously forecasted.

Pouyanne justified the continued investment in fossil fuels by citing the natural decline in oil field production and persistent global demand, despite growing efforts to curb emissions and shift to low-carbon technologies. While TotalEnergies is investing in renewable energy, with a goal of producing over 100 Terawatt hours of electricity by 2030—70% of which will be from renewables—fossil fuels remain a central part of its portfolio.

The announcement comes as OPEC forecasts a 17% rise in oil demand by 2050, in contrast to the International Energy Agency’s prediction that demand for fossil fuels will peak before 2030. Alongside its growth ambitions, TotalEnergies is rewarding shareholders with an $8 billion share buyback, even as the French government considers taxing such operations to address fiscal challenges.

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