Page 11 - EurOil Week 22 2021

EurOil ENERGY TRANSITION EurOil

Total changes name to

TotalEnergies

FRANCE FRANCE’S Total has officially changed its name While Total is scaling back its oil activities,
to TotalEnergies, in a rebrand meant to reflect its strategy involves an expansion in LNG oper-
TotalEnergies said its its shift towards low-carbon energy and away ations. It plans to double its LNG sales within a
new name and identity from oil. decade, from the current 35mn tonnes per year
embodied the course it The shareholders approved the name change to 50mn tpy by 2025 and 70mn tpy by 2030.
had “resolutely charted unanimously during a meeting on May 28. The However, it will seek to decarbonise its gas oper-
for itself” towards net- move, proposed earlier this year, signals the ations somewhat through the use of biogas,
zero emissions. group’s “strategic transformation” into a broader hydrogen and carbon capture and storage (CCS)
energy company, it said. The Paris-based firm technology.
has also adopted a new “visual identity.” The major’s oil and gas operations will help
“Energy is life, we all need it and it’s a source of bankroll significant investments in green energy.
progress. So today, to contribute to the sustaina- It wants to expand investments in renewables
ble development of the planet facing the climate and general power from $2bn to $3bn annually,
challenge, we are moving forward, together, so that they represent more than 20% of its total
towards new energies,” Total CEO Patrick Pouy- capital spending.
anne said in a statement. “Energy is reinventing The company is targeting 50 TWh of net
itself, and this energy journey is ours. Our ambi- power generation and 80 TWh of sales by 2025
tion is to be a world-class player in the energy from gas-fired power and renewables. It is striv-
transition. That is why Total is transforming and ing to become a “world leader” in renewables,
becoming TotalEnergies.” with plans to have 35 GW of gross capacity in
TotalEnergies said its new name and identity operation by 2025. It will add 10 GW per year
embodied the course it had “resolutely charted beyond that point.
for itself” towards net-zero emissions. The The rebranding follows a similar move by
rebranding comes after Total unveiled a three- Norway’s Equinor, which in 2018 changed its
stage plan last year, under which it is targeting name from Statoil. Countless other oil and gas
net-zero emissions in Europe by 2050 and a 60% producers have rebranded themselves over the
cut in emissions for its operations in the rest of past year, typically replacing the word “oil” with
the world. “energy”. ™

Week 22 03•June•2021 www. NEWSBASE .com P11