TotalEnergies' annual report emphasizes the completion of the Uganda oil project as a top priority.

 

The company, in its report, highlights the Tilenga project in the Albertine region as one of several projects to be developed worldwide in the coming years.

 TotalEnergies also plans to focus its efforts on expanding its portfolio of high-return oil projects, including those in Brazil, the Gulf of Mexico, Iraq, and Uganda. 

It has already begun drilling in the Bulisa and Nwoya districts of Uganda and holds a significant stake in the controversial East African Crude Oil Project. The company's commitment to these projects aligns with its Energy Outlook 2023. 

Despite facing global pressure to halt certain operations, TotalEnergies' CEO, Patrick Jean Pouyanné, reaffirmed the company's dedication to the Uganda project, as well as those in Iraq and Brazil, with production expected to commence by the end of 2025. 

Pouyanné stated that while TotalEnergies has invested significantly in renewable energy, oil and gas remain integral to the company's identity. The company aims to maintain growth and investment, focusing on low-cost projects that are resilient to market cycles and emphasize value delivery and low emissions. 

Pouyanné revealed that TotalEnergies plans to invest around four billion dollars annually in oil and gas. The company anticipates generating approximately three billion dollars in revenue from oil and gas production between 2023 and 2028. 

Pouyanné attributed the company's success to its achievements in oil and gas exploration, commending the selective choices made by its exploration teams. Nicolas Terraz, TotalEnergies' President for exploration, expressed optimism about the profitability of oil, especially as Uganda prepares to begin production. 

The Lake Albert Development Project, in which TotalEnergies has a 57% interest, is progressing well, with ongoing drilling and facilities construction. The project aims to achieve a production rate of 130,000 barrels per day by the end of 2025. 

TotalEnergies' analysis of the period from 2000 to 2021 indicates that while the energy transition has commenced, it is not advancing at a sufficient pace. The report highlights the need for increased investment in low-carbon energy sources to meet the growing global energy demand, which is still heavily reliant on fossil fuels.