TotalEnergies to boost oil and gas output until 2030.

TotalEnergies Unveils Ambitious Plans for Growth in Oil and Gas Production

French energy giant TotalEnergies is setting its sights on increasing oil and gas production to reassure investors about its future prospects. CEO Patrick Pouyanne has unveiled a series of ambitious projects, including a $10 billion offshore investment in Suriname. This move comes as the company seeks to drive growth through the decade and navigate energy price fluctuations resulting from geopolitical events like Russia’s invasion of Ukraine.

TotalEnergies aims to raise its growth forecast in oil and gas production to around three percent annually until 2030, primarily driven by liquefied natural gas (LNG) projects. The company plans to launch six major projects this year in countries like Brazil, Suriname, Angola, Oman, and Nigeria. The surge in LNG demand in Asia and Europe, coupled with the global appetite for oil, has fueled TotalEnergies’ expansion plans.

Additionally, the company is looking to boost its production of renewable electricity through wind and solar projects, aiming to generate over 100 Terrawatt hours of electric energy by 2030, with a focus on renewable sources. Despite the push for low-carbon technologies, TotalEnergies underscores the continued need for investments in oil to meet global demand.

With OPEC projecting a significant increase in oil demand by 17 percent between 2023 and 2050, TotalEnergies is positioning itself for sustained growth in the oil and gas sector. Following record profits in recent years, the company remains committed to rewarding shareholders with an $8 billion share buyback. As the energy landscape evolves, TotalEnergies is gearing up for a transformative decade ahead.

The post TotalEnergies plans to grow oil and gas production until 2030 appeared first on Iraqi News.

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