TotalEnergies’ net oil production dropped to a four-year low 1.50mn b/d last year, led by declining output in Sub-Saharan Africa and Europe. Yet buoyed by output gains in the UAE, and most notably Libya, output from the Mena region not just increased, but accounted for a record 34.4% of the French giant’s oil portfolio (see chart 1).
Record Libya Output Boosts TotalEnergies To Mena Record
The Mena region accounted for a record high share of TotalEnergies’ global oil production in 2021. With Opec+ cuts unwinding, the trajectory should be up for 2022, but as always Libya’s volatility remains a key source of potential disruption.
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Charts
1: TotalEnergies Mena Oil Output Was A Record 34% Of The Overall Figure For 2021 (‘000 B/D)
2: Mena Share Of Totalenergies’ Oil Output Kept On Rising Throughout 2021 (‘000 b/d)
3: Totalenergies Mena Gas Output Has Yet To Recover From The Loss Of Yemen & Syria (mn cfd)
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