French energy company TotalEnergies has identified Namibia as one of the countries expected to support its oil and gas production growth beyond 2030. The company has set a target of average energy production growth of 4% a year through 2030. TotalEnergies has a portfolio of organic oil and gas projects in several countries, including Namibia, Nigeria, Libya, Malaysia, Mozambique, and Papua New Guinea. This portfolio provides visibility on production growth beyond 2030.
TotalEnergies' reserves life index of more than 12 years is expected to allow the company to maintain an oil and gas production plateau of around 3 million barrels of oil equivalent per day (Mboe/d) until 2035. The company aims to grow its oil and gas production by 2% to 3% a year between 2030 and 2035. This growth will be supported by existing projects, exploration activities, and the 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. This growth will be driven by the start-up of low-cost and low-emission projects currently under execution. The company's strategy and outlook were presented in New York 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. This would account for about 20% of the company's energy mix.
The company's Integrated Power business is expected to be free cash flow positive in 2027, after reaching a balanced position in 2026. TotalEnergies is targeting a return on average capital employed of 12% by 2030. The growth in new production is expected to increase free cash flow by about US$10 billion between 2025 and 2030.
To support its longer-term growth plans, TotalEnergies plans to invest between US$14 billion and US$17 billion a year between 2027 and 2032. The company also aims to reduce emissions from its operations, targeting a 50% reduction in Oil & Gas Scope 1 and 2 emissions by 2030 from 2015 levels. Additionally, the company targets an 80% reduction in methane emissions by 2030 or earlier from 2020 levels.
TotalEnergies' Board of Directors has adopted a dividend policy 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. The company's gearing ratio is expected to fall below 10% by the end of 2026.
Key points
- TotalEnergies targets average energy production growth of 4% a year through 2030
- The company aims to grow its oil and gas production by 2% to 3% a year between 2030 and 2035
- TotalEnergies plans to invest between US$14 billion and US$17 billion a year between 2027 and 2032
