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share of EVs in transport will also soar to 60% to 50mn tpy by 2025 and 70mn tpy by 2030,
in Momentum and 75% in Rupture, compared Pouyanne announced in a presentation. Its inte-
with the current 1%. Carbon capture and storage grated LNG business is expected to earn over
(CCS) capacity will also be scaled up to 2,000- $4bn in cash in 2025, up 40% from the present
7,500 gigatonnes per year. annual level, assuming an average oil price of $50
Gas will primarily seize market share away per barrel.
from coal and oil. In Momentum, its consump- The global LNG market is currently experi-
tion will increase by 1.3% annually and reach 5.7 encing a glut, as a result of extra capacity coming
trillion cubic metres by 2050. Its biggest gains on stream, weaker demand in key markets last
will be in Asia, where it will substitute a lot of year and the coronavirus (COVID-19) pan-
coal-fired generation. Gas will remain vital in demic. But Total predicts that the market will
power generation, in industry and in residential tighten as early as 2023, owing to projects being
and commercial sectors, Kristoffersen said. It delayed because of current conditions.
will also expand in transport, becoming a more The oil major has three liquefaction projects
widespread fuel for vehicles and ships. – the Novatek-operated Arctic LNG-2 in Rus-
Even in Rupture, gas will remain an impor- sia, Mozambique LNG and a seventh train at
tant means of ensuring power grid stability and Nigeria LNG – due online in 2023-2024. These
flexibility at an affordable cost, Total said. Under three schemes, all of which have been sanctioned
that scenario, demand for natural gas will peak already, will capture a share of the improved
in 2040, but consumption will continue climbing market.
beyond 2050 if hydrogen and other green gases “We are in a good position to benefit from the
are included in the mix. evolution of the LNG market,” Pouyanne said,
“To fully play its role in the energy transi- adding that Total would not need acquisitions to
tion, gas has to become much greener and much realise its growth goals. “We will not spend a lot
cleaner,” Kristoffersen explained. “That will on M&A in the next 10 years because we have
come at a cost, at least in the early years.” what we need in our hands.”
In Momentum, the share of green gas will be The CEO noted Total had access to additional
limited by its higher cost and a lack of sufficient undeveloped resources in Mozambique, and
carbon regulation. Even so, it should rise to 8% options to expand the Cameron LNG terminal
of total gas supply by 2050, versus 0.1% in 2018. in the US and the Papua LNG facility in Papua
But in Rupture, the share of green gas will exceed New Guinea.
25% within three decades.
Other areas
LNG plans Total has also made new commitments as part
CEO Patrick Pouyanne outlined Total’s long- of its decarbonisation efforts. It is now targeting
term strategy the following day, which demon- a 30% cut to the Scope 3 emissions of its Euro-
strated the company’s confidence in gas. pean customers within the next decade. It has
Total plans to double its LNG sales within a also pledged to lower the Scope 3 emissions of its
decade, from the current 35mn tonnes per year customers elsewhere to under the level in 2015.

Week 40 08•October•2020 www. NEWSBASE .com P5