Page 11 - GLNG Week 22 2021

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While Total is scaling
back its oil activities,
its strategy involves
an expansion in LNG
operations.

Total changes name to TotalEnergies

ENERGY FRANCE’S Total has officially changed its name While Total is scaling back its oil activities,
TRANSITION to TotalEnergies, in a rebrand meant to reflect its strategy involves an expansion in LNG oper-
its shift towards low-carbon energy and away ations. It plans to double its LNG sales within a
from oil. decade, from the current 35mn tonnes per year
The shareholders approved the name change to 50mn tpy by 2025 and 70mn tpy by 2030.
unanimously during a meeting on May 28. The However, it will seek to decarbonise its gas oper- It plans to double
move, proposed earlier this year, signals the ations somewhat through the use of biogas,
group’s “strategic transformation” into a broader hydrogen and carbon capture and storage (CCS) its LNG sales
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 within a decade,
“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 from the current
ble development of the planet facing the climate and general power from $2bn to $3bn annually, 35mn tonnes per
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. year to 50mn
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 tpy by 2025 and
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, 70mn tpy by
becoming TotalEnergies.” with plans to have 35 GW of gross capacity in 2030.
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
cut in emissions for its operations in the rest of the past year, typically replacing the word “oil”
the world. with “energy”.™

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