BAKU, Azerbaijan, July 25. In the second quarter of 2024, TotalEnergies achieved a 1-percent quarter-to-quarter increase in LNG production, rising from 492 kboe/d in the first quarter to 498 kboe/d, Trend reports.
According to the company's latest report, this increase represents a 14-percent rise year-on-year, compared to 438 kboe/d in the same period last year. The growth was notably linked to the entry into the Dorado gas field in the Eagle Ford basin in the US, which began production early in 2Q2024.
For the first half of 2024, TotalEnergies' LNG production reached 495 kboe/d, marking a 10-percent increase compared to 451 kboe/d in the first half of 2023. This rise underscores the company's successful expansion and operational advancements in its LNG segment.
Despite the increase in production, LNG sales experienced a significant decline. Sales dropped by 18 percent quarter-to-quarter, from 10.7 million tons in 1Q2024 to 8.8 million tons in 2Q2024. Year-on-year, LNG sales fell by 20 percent, down from 11 million tons in 2Q2023. This decrease is attributed to lower spot purchases and reduced LNG demand in Europe, the producer explained.
In the first half of 2024, TotalEnergies' LNG sales totaled 19.5 million tons, reflecting a 12-percent decrease compared to 22 million tons in the first half of 2023. The reduction in sales highlights ongoing challenges in the global LNG market, particularly in Europe, where demand has softened.