Total will investment $2B in electricity and renewables in 2021

Total clean energy investement 2021

Total, the French petrochemical giant, will continue its effort upon energy transition and the adoption of cleaner energy alternatives. CEO Patrick Pouyanne talked about the matter during a Oddo BHF conference this Friday, Reuters reported.

Pouyanne said Total’s investment budget for electricity and renewable energy will surpass the $2 billion in 2021; as the company is trying to reduce its dependance on oil and shift towards sustainability.

The company’s goal is to achieve a renewable energy generation of 35 gigawatts by 2025, from current 9 GW. Therefore, during 2021, the company will continue to add investments on renewable and clean energy assets.

According to the news agency, when asked about the further development of Total’s oil and gas portfolio, Pouyanne said his company will focus on cost; while difficult fields to develop, like the ones in the arctic, were off-limits; it will focus on areas on the Middle East, North Africa and Brazil.

“If we can develop at less than $20 per barrel, we consider that it will be resilient for the long term,” he stated.

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Total’s efforts on clean energy and gas exploration

Just recently, the company announced it had signed an exploration and production agreement for the North Ras Kanayis Offshore block, located in the Herodotus Basin, off the coasts of Egypt, in the Mediterranean Sea.

The block covers an area of 4,550 square kilometers, and it has water depths from 50 to 3,200 meters.

About the matter, Kevin McLachlan, Senior Vice President Exploration at Total, said: “We are excited by the exploration potential of the North Ras Kanayis Offshore block. It reinforces our presence in Egypt, following a gas discovery made in July 2020 with the Bashrush well on the North El Hammad license, to be developed through a tie-in to nearby existing infrastructure.”

On new technologies for sustainability, Total announced on November 2020 the launch of a next-generation simulator, the GEOSX, designed to predict the long-term behavior of CO2 stored in geological repositories.

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