TotalEnergies Targets 3% Annual Oil and Gas Growth Through 2030
UK Grid Operator Warns of Tight Power Margins What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… TotalEnergies expects its oil and gas production to grow by more than 3% every year until 2030 due to start-ups of new low-cost projects currently under development, the French supermajorsaidin its 2026 strategy and outlook on Monday.
Overall energy production at TotalEnergies, including oil, gas, and electricity, is expected to rise by about 4% per year by the end of the decade, with its Integrated Power division expected to be free cash flow positive in 2027.
The growth in energy production is expected to boost TotalEnergies’ free cash flow by about $10 billion between 2025 and 2030 at the same price deck.
The supermajor also bets on organic projects in Namibia, Nigeria, Libya, Malaysia, Mozambique, and Papua New Guinea and a proven reserves life index of more than 12 years to maintain a production plateau of around 3 million barrels of oil equivalent per day (bpd) until 2035.
“This solid base allows TotalEnergies to set an ambition for 2-3% growth per year over the period 2030-2035 by leveraging its proven track record in exploration and accessing discovered resources,” the company said in a statement.
With the power-generating portfolio also rising, TotalEnergies expects electricity to account for 25% of its energy mix by 2035.
The company’s board also decided to increase the dividend by more than 5% per year for financial years 2026 to 2030 and confirmed a shareholder return of at least 40% of cash flow.
Just last week, TotalEnergiesdecided to investin the development of the Ima gas field offshore Nigeria to increase supply for the expanding Nigeria LNG export plant, in which it holds a 15% stake.
Earlier this month, TotalEnergies said that the Acacia-5 discovery in Block 17 offshore Angola would seefirst oil achieved just three monthsafter the discovery was made in June 2026.
This would be done through a fast-track development using the available capacity on the nearby Pazflor FPSO.
Acacia-5 is expected to increase oil production in Block 17 by 6,000 barrels per day (bpd).
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