Billion-Dollar Investment – TOTAL Focuses on Renewables and Aims to Become a 'Clean Energy Company'

Billion-Dollar Investment – TOTAL Focuses on Renewables and Aims to Become a ‘Clean Energy Company’

Written by Roberta Souza

Published on 01/10/2020 at 09:21

Updated on 01/10/2020 at 09:23

foto: reprodução

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French Total Aims to Transform into an Energy Company, Focusing on Renewables and Not Just the Oil and Gas Sector

The French oil and gas company, Total, is transforming into a major energy company as part of its efforts to become a leader in the renewable energy sector and achieve “net-zero” by 2050. As a result, Total will increase its investments in renewable energy and electricity by US$ 1 billion. Regarding oil projects, Total stated that it will focus on low-cost projects and prioritize value over volume.

Total released its “Strategy & Outlook” last Wednesday, in an effort to transform into a broad energy company. Total explained that its strategy aims to transform it into a comprehensive energy company through the profitable growth of energy production from LNG and electricity, the two fastest-growing energy markets.

In the next decade, Total stated that its energy production will increase by one-third, around 3 to 4 Mboe/d, half from LNG and half from electricity, primarily from renewables.

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The group will progressively increase profitable investments in renewable energy and electricity from US$ 2 billion to US$ 3 billion per year, representing over 20 percent of capital investments.

For the next ten years, Total’s petroleum derivatives sales will decrease by nearly 30 percent, and Total’s sales mix will become 30 percent petroleum products, 5 percent biofuels, 50 percent gases, and 15 percent electrons.

Total expects to grow in renewables, raising its target to 35 GW of gross capacity by 2025 (70 percent already in hand) and aims to add about 10 GW per year beyond that, as it successfully did in 2020. Renewable energy and electricity are expected to generate a predictable cash flow of over US$ 1.5 billion per year by 2025, Total said.

Considering short-term uncertainty and the low-price environment, capital investment for 2021 should be below US$ 12 billion.

Billion-Dollar Investment – TOTAL Focuses on Renewables and Aims to Become a ‘Clean Energy Company’

French Total Aims to Transform into an Energy Company, Focusing on Renewables and Not Just the Oil and Gas Sector

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