TotalEnergies CEO Patrick Pouyanne speaks at the Paris Automotive Summit during the 2024 Paris Auto Show in Paris, France, October 15, 2024.
Wedoany.com Report-Feb 6, TotalEnergies (TTEF.PA), will expand its investment in U.S. liquefied natural gas over the next decade as the French company seeks to cement its position as a major exporter of U.S. LNG, its CEO told on Wednesday, dismissing fears by American market watchers that more exports could boost U.S. gas prices.
In an interview, TotalEnergies CEO Patrick Pouyanne said he believed President Donald Trump’s administration will implement pragmatic policies that will support U.S. energy production even as the world faces a new era of tariffs and trade wars.
“What they want is very simple: jobs and billions of dollars in the U.S,” he said.
Since becoming CEO in 2014, Pouyanne has shifted Total’s focus away from Russia to low-cost oil and gas production in the Middle East, Brazil, and the U.S., while also growing electricity and renewables.
Total reported on Wednesday that it made $18.3 billion last year, as a strong LNG trading division offset weak oil refining profits.
While rivals including Chevron, Exxon Mobil and BP invested heavily over the past decade in shale oil and gas production, the French firm has largely opted to invest in LNG projects that have given it access to more than 10 million metric tons of U.S. LNG annually to supply global customers.
“We have enough to grow the U.S. position for the next decade, and I’m sure we’ll do it,” he said.
Pouyanne, 61, said TotalEnergies could invest in expansion projects at its Cameron and Rio Grande LNG facilities on the Gulf of Mexico.
“We can extend Cameron LNG," he said, adding a fourth train, or production facility. "We can extend Rio Grande," he said, to include a fifth, sixth or seventh train.
The U.S. is expected to nearly double its LNG export capacity by the end of the decade. Some economists have warned this could constrain domestic supplies and lead to higher energy bills for Americans, which could then prompt Trump to reconsider his stance on LNG exports.
