TotalEnergies Plans to Increase Hydrocarbon Production by 2-3% Per Year Until 2028
The company will focus on large LNG projects
French energy company TotalEnergies plans to increase hydrocarbon production by 2-3% annually until 2028, focusing on developing supplies of liquefied natural gas (LNG). The company provides such data in its presentation of the 2023 strategy.
“By dramatically reducing emissions from its operations, TotalEnergies plans to increase oil and gas production by 2-3% per year over the next five years, primarily through LNG, thanks to a rich portfolio of low-cost, low-emission exploration and production projects,” – the document says.
The company will focus on large LNG projects, including the expansion of the North field in Qatar, Papua LNG in Papua New Guinea, ECA LNG in Mexico and Rio Grande in the USA, Mozambique LNG in Mozambique . TotalEnergies will also focus on developing its highly profitable oil projects in Brazil, the Gulf of Mexico, Iraq, Uganda, as well as Suriname and Namibia. “The oil and gas business is expected to generate more than $3 billion of additional underlying cash flow in 2028 compared to 2023 at constant prices,” the report said.
In addition, the company remains focused on developing the energy sector based on renewable sources (solar and wind generation), as well as combined energy production using gas turbines and energy storage. The company plans to increase electricity production to more than 100 TWh by 2030 through annual investments of $4 billion. “The volume of financial revenues from this segment will be about $2 billion in 2023 and more than $4 billion in 2028,” it clarifies. communique.
