TotalEnergies targets continued oil, gas growth through 2035

TotalEnergies confirmed its objectives of growth for oil, gas & electricity production and free cash flow towards 2030 and presents its ambitions for growth at 2035 horizon. (Image: TotalEnergies)

TotalEnergies expects oil and gas production to continue growing through the end of the decade and into the first half of the 2030s as the company advances a portfolio of projects in several major producing regions.

In its 2026 strategy and outlook, TotalEnergies said it expects overall energy production — including oil, gas and electricity — to grow about 4% annually through 2030. Oil and gas production is expected to increase by more than 3% per year on average between 2025 and 2030, supported by projects already under execution. TotalEnergies_-_Strategy_and_Ou…

Gas projects support longer-term production outlook

Beyond 2030, TotalEnergies said its existing portfolio includes projects in Namibia, Nigeria, Libya, Malaysia, Mozambique and Papua New Guinea. The company said its proven reserves life of more than 12 years should allow it to maintain production of about 3 million boe/d through 2035.

Against that base, TotalEnergies is targeting oil and gas production growth of 2% to 3% annually from 2030 through 2035, supplemented by exploration and access to previously discovered resources. TotalEnergies_-_Strategy_and_Ou…

The outlook is notable for the gas and compression sector because several of the regions identified by TotalEnergies include large LNG and gas developments that could require additional upstream, pipeline, processing and liquefaction infrastructure as they advance.

The company specifically identified Mozambique and Papua New Guinea among the areas supporting its post-2030 portfolio. TotalEnergies has previously positioned LNG as a major component of its natural gas strategy, although the strategy release did not provide project-level equipment or compression details.

Gas-fired power remains part of electricity strategy

TotalEnergies also expects electricity generation to grow more than 20% annually through 2030, reaching 100 to 120 TWh per year and accounting for about 20% of its energy mix.

From 2030 through 2035, the company plans to add 10 to 12 TWh of net power generation annually. That strategy includes continued development of flexible generation, including gas-to-power projects and battery storage in the United States and Europe. Electricity is expected to represent about 25% of the company’s energy mix by 2035. TotalEnergies_-_Strategy_and_Ou… TotalEnergies_-_Strategy_and_Ou…

Gas-fired generation could remain particularly relevant to the compression industry as TotalEnergies expands integrated gas-to-power operations and develops additional infrastructure linking gas production, transportation and power generation.

Investment range set at up to $17 billion annually

To support its longer-term growth plans, TotalEnergies said it expects net investments of between $14 billion and $17 billion annually from 2027 through 2032. TotalEnergies_-_Strategy_and_Ou…

The company also expects its growth projects to increase free cash flow by about $10 billion between 2025 and 2030 using the same commodity-price assumptions.

At the same time, TotalEnergies is targeting a 50% reduction in Scope 1 and 2 emissions from its oil and gas operations by 2030 compared with 2015, along with an 80% reduction in methane emissions compared with 2020. TotalEnergies_-_Strategy_and_Ou…

For the compression and midstream sectors, the strategy points to continued investment in conventional oil and gas infrastructure alongside electrification and emissions-reduction efforts, rather than a retreat from hydrocarbons as TotalEnergies expands its electricity business.