TotalEnergies advances energy transition platform
French major TotalEnergies said March 21 its status as the most profitable among the world’s five super-majors and its top tier investments in low-emissions projects pushed it into position as a leader in the energy transition.
In its Sustainability & Climate – 2023 Progress Report, TotalEnergies said it topped all five supermajors – itself, BP, Shell, Chevron and ExxonMobil – in financial performance last year, with a 98% increase in net cash flow per share and a 28.2% increase in return on average capital employed.
The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business.
At the same time, it led the five in capital invested in low-carbon energies over the 2015-2022 timeframe – some $15bn – and in gross renewable capacity at the end of 2022 – about 17 GW.
TotalEnergies also strengthened its position as a major player in the LNG sector in 2022, with its partnerships in QatarEnergy’s North Field South and North Field East LNG expansion projects, and increased its LNG sales by 15%, to 48mn metric tons, covering 20% of Europe’s LNG needs and contributing to measurable CO2 emissions reductions globally.
“Given its LNG growth strategy and convinced by the central role of gas in the energy transition, TotalEnergies has estimated, for the first time, the GHG reduction that its LNG sales could account for by displacing coal and fuel oil for electricity generation, depending on customer and destination,” it said. “As a consequence, TotalEnergies estimates that its LNG sales have helped to avoid about 70mn metric tons of CO2e emissions at the global level.”
The reductions were led by the sale of 16.9mn mt of LNG to northwest Europe, displacing oil and coal generation and reducing emissions by 13.4mn mtCO2e, 3.5mn mt to China to displace coal and reduce emissions by 12.8mn mtCO2e and 5.6mn mt to South Korea to displace oil and coal and reduce emissions by 12.4mn mtCO2e, TotalEnergies said in the progress report.