Patrick Pouyanné, chairman and CEO of TotalEnergies has presented the company’s strategy and outlook goals for 2024.
TotalEnergies has advanced its balanced and profitable transition strategy, anchored on two pillars, oil and gas, notably LNG, and electricity, growing its global energy production (oil, gas, electricity, bioenergy) by 4% per year through 2030, while drastically lowering the emissions from its operations (-40% on Scope 1+2 net in 2030 vs 2015 and – 80% on methane in 2030 vs 2020). As a result of this transition strategy, the average carbon content of TotalEnergies energy sales will be 25% lower in 2030, compared to 2015.
Since its last outlook in September 2023, TotalEnergies has de-risked its growth and profitability perspectives in several ways.
Firstly, oil and gas production average growth of ~3% per year to 2030, led by LNG, thanks to the launch of six major projects in 2024 (two in Brazil, Suriname, Angola, Oman, Nigeria) that de-risk, high-grade and extend guidance from 2028 to 2030.
Secondly, the company is growing electricity generation, reaching more than 100 TWh in 2030, of which 70% will be renewable and 30% flexible-based.
TotalEnergies has also confirmed net investments between $16-18 billion (€14.5 – €16.4 billon) per year during 2025-2030, of which around $5 billion (€4.5 billion) will be dedicated to low-carbon energies. The company retains flexibility to reduce its net investments by $2 billion (€1.8 billion) in case of a sharp drop in prices.
