The strapline of TotalEnergies’ 5-year strategy outlook, delivered in New York on 27 September, was “more energy, less emissions.”

And “more energy” means not just more renewables, but also both more oil and more gas out to at least 2028. The French major projects 2-3%/year growth in oil and gas output over the five years to 2028 as it “focuses on execution” of its “rich upstream project portfolio.” Indeed, the accompanying presentation material as well as the timeline for key projects suggests that, if anything, upstream output growth is set to strengthen further towards the end of the decade (see table). And it is not only gas but also oil output that is set to grow out to 2028 with average 2024-28 annual growth of around 1-2%/year for oil and 3-4%/year for the LNG-dominated gas segment. (CONTINUED - 1328 WORDS)