TotalEnergies CEO: New exploration planned in Norway

TotalEnergies, the French oil giant, will appoint an exploration manager in Stavanger to examine new projects?in?the country. This was announced by its CEO on Norwegian TV on Monday.

Patrick Pouyanne, speaking at the ONS Energy?conference held in Stavanger, said that the Norwegian continental shelf was a prolific basin. We see potential there for the future. Pouyanne described Norway's natural energy as the source of Europe's energy, where TotalEnergies hopes that it can expand its market share in response to European Union countries seeking resources?closer home due to disruptions in Middle East caused by the U.S. and Israel war with Iran. Norway has become Europe's biggest?supplier? of natural gas since the 2022 Russian invasion of Ukraine. It meets around 30% of gas demand in the European Union and Britain. "We invest $1 billion per annum in exploration worldwide, and this is one of seven countries that we have chosen to focus on. Pouyanne stated that if the geology is good we will allocate capital. TotalEnergies produces about 220,000 barrels per day of oil equivalent in Norway, which is 10% of the country's total production. This makes it Norway's 4th largest producer, excluding state-owned Petoro. The French company has the most regasification capability in Europe to import liquefied gas and is also 'the largest buyer of U.S. LNG. Pouyanne stated that "because I think politically it will difficult to see Russian gas coming back to Europe. It's a new?market we want to develop.

(source: Reuters)