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While we seek to reduce CO2 emissions to limit global warming, the TotalEnergies group announces that it will increase its hydrocarbon production by 2 to 3% in the next five years. Why are we producing more and more oil and gas? Answer.
The announcement is surprising… TotalEnergies will increase its oil and gas production from 2 to 3% over the next five years. To achieve this objective, TotalEnergies still signs contracts and invests in oil, as in Suriname or in Iraq. The group is also betting on liquefied natural gas, particularly in Qatar, Mozambique and Mexico.
A peak in consumption in 2028
Despite global warming, why still produce more hydrocarbons? “Today, oil being a profitable industry, it is always more profitable to invest in oil than in electricity”explains Thierry Brosprofessor at Sciences Po. In the North Sea, the United Kingdom has just authorized drilling which is causing debate, even though it is still aiming for carbon neutrality in 2050. Today, global oil demand is at an all-time high and is expected to increase further in the coming years, peaking in 2028. According to climatologists, it will be too late. They call for stopping investments now.
Among our sources
Forecasts from the International Energy Agency
TotalEnergies
Thierry Bros: Professor at Sciences Po Paris and energy specialist
Jean Jouzel: Climatologist, former vice-president of the IPCC, intergovernmental group of experts on climate change
Non-exhaustive list