Energy Club

Northern Territory

Totally gas-fired

02 Oct 2020 4:28 PM | Sonia Harvey (Administrator)

FRANCE’s Total will become Total Energies as part of its outline to change its business model and lower emissions in the next decade and predicts gas will feature heavily in its portfolio. 

The company plans to be selling 50 million tonnes of LNG per year by 2025, with cash flow from its LNG business to rise by 40% to US$4 billion per year by then, assuming a $50 per barrel oil price. It plans to decarbonise gas with biogas and hydrogen, while reducing fugitive emissions.  

It already has two hydrogen projects in Europe under development, trialling both methane-sourced hydrogen and renewable-sourced hydrogen  

Overnight the French supermajor, which holds a share in the Ichthys LNG project in Australia and Gladstone LNG in Queensland as well exploration permits in the Browse Basin, released its new energy strategy. 

It plans to increase production by a third or to 3-4 million barrels of oil equivalent per day by 2030, with half of that from LNG and the other half from electricity from renewables.  

It plans to spend 20% of capital investment on renewables in the coming decade, or $2-$3 billion per year. It already has a renewable footprint in Australia holding 55.66% of solar panel company SunPower and has a 33.86% interest in the Kiamal solar farm in Victoria, which will have 250 megawatt capacity when built.  

This production rise is in stark contrast to European peer BP which plans to cut 40% of production in the same time and Shell may yet follow down the same path, according to unnamed sources speaking to Reuters. 

Shell will furnish more details at its investor day, later this year. However both Shell and BP plan on huge scale ups in their investments in renewables.

Source: Energy News Bulletin

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