TotalEnergies aims to reduce greenhouse gas emissions, oil output

(Reuters) – TotalEnergies (TTEF.PA) said on Thursday it aimed to reduce greenhouse gas emissions from its fuel product sales by more than 30% by 2030, compared with 2015.

The French oil major, which is due to hold an investor conference call on Thursday, also said it was setting new targets for reducing its methane emissions and routing gas flaring.

“In 2050, TotalEnergies would produce around one million barrels per day, or a quarter of output in 2030,” the company said in its presentation.

On Tuesday, TotalEnergies said it would not renew its Russian gasoil and crude oil supply contracts for its German refinery, but instead source gasoil from Saudi Arabia and crude via Poland.

The French company, which has stakes in several Russian projects, has come under criticism after it stopped short of joining rivals Shell (SHEL.L) and BP (BP.L) in planning to divest from oil and gas assets in Russia. read more

“We are facing two realities: on the one hand, the Russian military aggression in Ukraine which threatens its population, European stability and the balance of energy markets,” chairman and chief executive Patrick Pouyanne said in the presentation.

“On the other hand, the new IPCC report starkly reminds us of the climate urgency.”

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