Production

TotalEnergies accelerates its LNG production and pays an exceptional dividend

PARIS, Sept 28 (Reuters) – French oil group TotalEnergies (TTEF.PA) plans to boost net investment and boost liquefied natural gas production as Europe scrambles to find sources of energy supply alternatives to Russia.

The group, which unlike rivals like BP and Shell has retained many of its Russian stakes, presented in a presentation to investors a series of business objectives for the next five years that excluded its Russian interests.

“There is no future with Russia in this presentation,” chief executive Patrick Pouyanne said.

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It said it would increase LNG sales by 3% per year until 2027 and increase LNG production by 40% from 2021 to 2030.

The group announced this weekend a big investment in an LNG facility in Qatar as it seeks to diversify away from Russia.

The company also said it would maintain its $7 billion share buyback program for 2022 and pay a special interim dividend of 1 euro per share in December this year.

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Reporting by Benjamin Mallet, writing by Silvia Aloisi, editing by Richard Lough

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