CHAMWE KAIRA
TotalEnergies has identified Namibia among a portfolio of countries expected to support its oil and gas production growth beyond 2030, as the energy group targets average energy production growth of 4% a year through 2030.
The French energy company said on Monday that it has a portfolio of organic oil and gas projects in Namibia, Nigeria, Libya, Malaysia, Mozambique and Papua New Guinea, which provides visibility on production growth beyond 2030.
TotalEnergies said its reserves life index of more than 12 years would allow it to maintain an oil and gas production plateau of around 3 million barrels of oil equivalent per day (Mboe/d) until 2035.
The company has set an ambition for oil and gas production to grow by 2% to 3% a year between 2030 and 2035, supported by its existing projects, exploration activities and development of discovered resources.
For the period to 2030, TotalEnergies expects oil and gas production to increase by more than 3% a year on average between 2025 and 2030, driven by the start-up of projects it described as low-cost and low-emission and which are currently under execution.
The company presented its strategy and outlook in New York, confirming its existing growth objectives through 2030.
The strategy and outlook were presented by TotalEnergies chairman and chief executive officer Patrick Pouyanné and members of the company’s executive committee.
TotalEnergies is targeting overall energy production growth of 4% a year through 2030, covering oil, gas and electricity.
Electricity generation is expected to grow by 20% a year, reaching between 100 and 120 terawatt-hours (TWh) a year by 2030, which would account for about 20% of the company’s energy mix.
The company expects its Integrated Power business to be free cash flow positive in 2027, after reaching a balanced position in 2026, and is targeting a return on average capital employed of 12% by 2030.
TotalEnergies expects the growth in new production to increase free cash flow by about US$10 billion between 2025 and 2030, based on the same price assumptions used in its outlook.
The company said this represents an increase of more than US$4 per share.
The company also expects to continue growing electricity production after 2030, targeting an increase in net power generation of between 10 TWh and 12 TWh a year from 2030 to 2035.
Electricity is expected to account for 25% of TotalEnergies’ energy mix by 2035.
To support its longer-term growth plans, the company said it plans to invest between US$14 billion and US$17 billion a year between 2027 and 2032.
At the same time, TotalEnergies said it would reduce emissions from its operations, targeting a 50% reduction in Oil & Gas Scope 1 and 2 emissions by 2030 from 2015 levels, as well as an 80% reduction in methane emissions by 2030 or earlier from 2020 levels.
The company’s Board of Directors adopted a dividend policy on September 27, 2026, providing for dividend growth of more than 5% a year from 2026 to 2030.
The board also confirmed a shareholder return of at least 40% of cash flow, while continuing to reduce leverage.
TotalEnergies expects its gearing ratio to fall below 10% by the end of 2026.
In light of this, the board authorised US$2.5 billion in share buybacks for the fourth quarter of 2026 and between US$2 billion and US$2.5 billion for the first quarter of 2027.
