The head of French energy company TotalEnergies has hailed the “opportunities” created by the turmoil in global markets, saying it gave the oil major more ways to make money. “The disruption in the energy world . . . gives us plenty of opportunities if you’re able to capture them,” Patrick Pouyanné told the Energy Intelligence Forum in London on Monday.
TotalEnergies is one of the oil companies most affected by the conflict in the Middle East, with about 15 per cent of its global oil and gas production exposed to the fighting. Nevertheless, it has enjoyed a year of bumper profits, which rose 47 per cent in the first half of the year to $11.4bn.
Pouyanné said Total’s integrated business model was a key advantage in times of crisis, adding that refineries in Europe were “suddenly becoming goldmines.” He also said he stopped his teams declaring force majeure on LNG shipments to show customers they could be relied upon.
TotalEnergies plans to grow production to 3mn barrels a day of oil equivalent by 2030. “Size matters, the premium is given to the largest company. Let’s be the leader of this market,” Pouyanné said.
Source: Financial Times Companies · Summarized by HeadlinesBriefing