French oil and gas group TotalEnergies invests heavily in renewable energy. “I don’t want my company to disappear,” said CEO Patrick Boyani. He is optimistic about the opportunities with wind and solar energy, but he does not want to say goodbye to the world of oil and gas.
Currently, 25 percent of annual spending is spent on renewable forms of energy. Next year it will be 33 percent, according to new plans from TotalEnergies. Boyani explains that oil and gas will remain essential in the energy mix for the time being. There is still a lot of demand for it. The company, like other oil companies, has also benefited greatly from the recent high oil and gas prices.
Given the uncertainty over gas supplies from Russia, TotalEnergies will also invest heavily in liquefied natural gas, also known as LNG, in the coming years. Just last weekend, the company announced that $1.5 billion would go to a major gas project in Qatar. Boyani also wants to increase the volume of LNG activities in other countries, for example in the United States.
Unlike competitors such as BP and Shell, TotalEnergies currently holds various interests in projects in Russia. They just no longer play a role in the company’s strategic plans. Russia has now been excluded from those plans.
The group previously said it no longer wanted to invest in new projects in Russia. The purchase of Russian oil will also be phased out. Boyani continues to reiterate that as long as no sanctions are imposed on Russian gas yet, TotalEnergies will abide by existing contracts in the country.
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