French oil company TotalEnergies also said it will increase investments and liquefied natural gas production as it set its strategy for a possible future without Russia – while still cutting ties, Club of Mozambique reads.
Unlike rivals such as BP and Shell, TotalEnergies has retained several of its stakes in Russia, which include major LNG joint ventures.
“There is no future with Russia in this presentation, less Russia, more United States,” said chief executive Patrick Pouyanne,
As Europe struggles to find alternatives to Russian gas, TotalEnergies said it would increase LNG sales by 3% a year through 2027 and increase LNG production by 40% from 2021 to 2030.
Over the weekend, the group announced a major investment in an LNG facility in Qatar as it seeks to diversify its production away from Russia – a major LNG exporter.
Capital expenditures will be increased to $14-18 billion per year by 2025, from $13-16 billion previously, with investments targeting wind and solar power, energy savings, as well as LNG capacity.
The company also said it would maintain its $7 billion share buyback program for 2022 and pay a special interim dividend of €1 per share in December this year.
The new targets and special dividend are likely to please investors, but the future of the company’s Russian investments – including minority stakes in Russian Novatek, Yamal LNG and Arctic LNG 2 – remains the elephant in the room, analysts said.
Its share price has barely risen this year, compared with increases of about 20% for Shell and BP.
