Quite handy that French shipping major CMA CGN is betting its future on gigantic containerships powered by LNG.
First up, OilPrice, October 1:
France’s oil and gas major Total is joining other European peers, aiming to reinvent itself into a broad energy company, and will be betting on profitably growing its liquefied natural gas (LNG) and renewable businesses.
Total plans to increase the energy it produces while decreasing its carbon footprint, the company said in its Strategy & Outlook this week. To reduce emissions and become a broad energy company, Total will grow its energy production by one third, with half the growth coming from LNG and half from electricity, mainly from renewables. The company will also scale up profitable investments in renewables and electricity from US$2 billion to US$3 billion per year, representing more than 20 percent of capital investments.
The French firm also confirmed its ambition, announced earlier this year, to get to net-zero by 2050.
Last week, Total’s chief executive Patrick Pouyanné told French newspaper Le Parisien that the firm aims to be among the world’s top five producers of renewable energy. The company’s operations mix today is 55 percent oil, 40 percent gas, and less than 5 percent electricity from renewables, Pouyanné said, noting that in 2050, Total’s operations will be divided into 20 percent oil, 40 percent gas, and 40 percent renewable energy.
European oil majors have pledged various commitments to become net-zero energy companies and significantly expand their renewable energy, hydrogen, or power market portfolios....
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And from edie, October 5:
Total to increase annual renewables investments to $3bn by 2030
French oil & gas major Total has pledged to increase its annual investments in renewables by 50% by 2030, against the $2bn allocated in 2019, as it strives to meet a 2050 net-zero target.
The company made the commitment late last week as it publicly outlined its plans for diversifying away from fossil fuels and becoming a “low-carbon power producer” for the first time.
By increasing its annual investment in the coming years, the company said, it will bring 35GW of new renewable energy production capacity online by 2025. This is up from the previous target of 25GW.
Total said in a statement that it is hoping to become one of the world’s top five renewable energy companies within a decade, adding that it already has 24.5GW of renewable generation projects under construction globally. But it is only foreseeing low-carbon electricity accounting for 15-20% of its sales by 2040.
The statement comes as the company – like all major oil and gas players – is facing the brunt of the Covid-19 pandemic. It has cut its annual spending from $15bn to $12bn and has said it will need to spend less still on oil as the years pass and the energy transition continues.
“Diversifying is what will keep us strong,” Total’s senior vice president for strategy, growth and people, Thomas Rebeyrol said.
“Ten years ago renewables were a new world for us, but we want to be as successful as we’ve been with oil,” Rebyrol added. “It’s a change of gear, but we’ve done pretty well considering electricity provision was a state monopoly in much of Europe until relatively recently.”
Nonetheless, the statement confirms that natural gas will remain a key source of revenue for Total in the future. It forecasts a doubling of LNG sales between 2020 and 2030....
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