Petroleum products, adapting to demand
A stagnation, then a decline, in the demand for petroleum products is anticipated between now and 2030 thanks to technological progress and changing uses. This will be followed by a significant reduction in demand by 2050. These products will face increasingly stringent requirements to limit emissions linked to their extraction and use.
TotalEnergies is therefore reducing the share of petroleum products in its sales from 65% in 2015 to 44% (excluding Covid-19) in 2021, with a target of 30% in 2030.
We limit our new hydrocarbon developments to fields with the lowest emissions. Thus TotalEnergies decided in 2021 to leave Venezuela, considering that the production of heavy oils from the Orinoco would not meet its greenhouse gas emissions targets.
In addition, we respect exclusion zones and good environmental practices. We will not conduct oil exploration in the Arctic sea ice and will not approve any capacity expansion in the oil sands in Canada.
In September 2021, TotalEnergies signed large-scale multi-energy agreements in Iraq , to help the country in its energy transition, covering the construction of a gas collection network and processing units, a large unit seawater treatment capacity and a photovoltaic plant with a capacity of 1 GW.