TotalEnergies sticks to winning formula

TotalEnergies is an outlier among other majors for remaining committed to low-carbon investments while continuing to replenish and expand its ample oil and gas portfolio, with an appetite for high risk/high return projects.

France’s TotalEnergies has been pursuing a consistent strategy for some time and currently looks unlikely to change course unless oil prices fall further. The company is something of an outlier among majors for remaining largely committed to its low-carbon plans as others have pivoted back to oil and gas. Nonetheless, TotalEnergies’ portfolio is underpinned by an extensive inventory of oil and gas assets and upstream spending will continue to make up the majority of its capex over the coming years. Growth potential TotalEnergies benefits from the strength and depth of its portfolio, with a variety of options offering potential for growth, according to Kim Fustier, the head of European oil an