TotalEnergies Targets 3% Annual Oil and Gas Growth Through 2030

TotalEnergies, the French supermajor, forecasts its oil and gas production to increase by over 3% annually through 2030, primarily driven by the completion of new low-cost projects in development. The company anticipates a 4% annual rise in overall energy production, encompassing oil, gas, and electricity. By the decade's end, TotalEnergies' Integrated Power division is expected to achieve free cash flow positivity in 2027.

This production growth is anticipated to elevate the company's free cash flow by approximately $10 billion between 2025 and 2030, assuming stable pricing. TotalEnergies is concentrating on organic projects in Namibia, Nigeria, Libya, Malaysia, Mozambique, and Papua New Guinea, as well as a proven reserves life index exceeding 12 years to maintain a production plateau of roughly 3 million barrels of oil equivalent per day by 2035.

The company believes this solid foundation enables it to set a target of 2-3% growth per year from 2030 to 2035, capitalizing on its proven exploration prowess and accessing discovered resources. Moreover, the power-generating portfolio is also projected to expand, with electricity accounting for 25% of TotalEnergies' energy mix by 2035.

The board has also decided to raise dividends by more than 5% annually for financial years 2026 to 2030, confirming a shareholder return of at least 40% of cash flow. Recently, TotalEnergies invested in the Ima gas field offshore Nigeria to bolster supply for the expanding Nigeria LNG export plant, of which it owns a 15% stake. Earlier this month, the company reported that the Acacia-5 discovery in Block 17 offshore Angola would commence first oil just three months after its discovery in June 2026 through a rapid development utilizing the existing capacity on the nearby Pazflor FPSO. Acacia-5 is expected to augment oil production in Block 17 by an additional 6,000 barrels per day.