BAKU, Azerbaijan, September 28. TotalEnergies has reaffirmed its growth strategy through 2030, targeting annual energy production growth of around 4% while continuing to reduce emissions from its operations.
The French energy major said that it expects oil, gas and electricity production to increase by an average of 4% per year through 2030. At the same time, it plans to cut Scope 1 and 2 emissions from its oil and gas operations by 50% by 2030 from 2015 levels and reduce methane emissions by 80% by 2030 or earlier compared with 2020.
"Oil and gas production is expected to grow by more than 3% annually on average between 2025 and 2030, supported by a portfolio of low-cost, low-emission projects that are currently under development," said the company.
Electricity generation is projected to expand by more than 20% annually, reaching 100–120 terawatt-hours per year by 2030. Electricity would account for around 20% of TotalEnergies' overall energy mix by that time. The company expects its Integrated Power business to become free-cash-flow positive in 2027, following a balanced position in 2026, and to achieve a return on average capital employed (ROACE) of 12% by 2030.
TotalEnergies expects the increase in cash-generating production to drive free cash flow growth of around $10 billion between 2025 and 2030, based on the same commodity price assumptions. This would translate into an increase of more than $4 in free cash flow per share.
Growth outlook beyond 2030
TotalEnergies said it also has significant visibility on production growth beyond 2030.
In oil and gas, the company has a portfolio of projects in countries including Namibia, Nigeria, Libya, Malaysia, Mozambique and Papua New Guinea. Together with a proven reserves life of more than 12 years, this portfolio is expected to support an oil and gas production plateau of around 3 million barrels of oil equivalent per day through 2035.
Building on its exploration track record and access to discovered resources, TotalEnergies aims to increase oil and gas production by 2%–3% annually between 2030 and 2035.
The company also plans to maintain strong growth in electricity generation, targeting an increase in net power generation of 10–12 TWh per year over the same period. This growth will be supported by its integrated business model in key deregulated markets, expansion of its renewable energy platform and pipeline, and development of flexible generation and storage opportunities, including gas-to-power and batteries in the US and Europe.
Under these plans, electricity is expected to account for around 25% of TotalEnergies' energy mix by 2035. To finance its longer-term growth, TotalEnergies plans net investments of between $14 billion and $17 billion annually from 2027 to 2032.
TotalEnergies is a global integrated energy company active in oil, biofuels, natural gas, biogas, low-carbon hydrogen, renewables and electricity. The company operates in around 120 countries and employs more than 100,000 people.
