The board of energy giant TotalEnergies has reiterated its support for the company’s multi-energy strategy, whereby it focuses on lowering the emissions from its oil and gas business while diversifying into renewable and sustainable energy and fuels as part of its goal of becoming a net-zero business by 2050.
The board also said the company was much more profitable and efficient than it was a decade ago, with it being able to break even at oil prices under $25 per barrel. Overall, the board feels the company is in a good place to exploit the opportunities provided by a shifting market as the world transitions to cleaner forms of energy. The firm has various targets on its way to achieving net zero, such as reducing methane emissions by 80% and its hydrocarbon-related scope 1 and 2 emissions by 40% by the end of this decade.
It is, therefore, little surprise that the board reaffirmed its support for TotalEnergies’ CEO and Chairman, Patrick Pouyanne. The company’s lead independent director, Jacques Aschenbroich, said about this:
“Since 2014, Patrick has done an extraordinary job leading TotalEnergies in a complex environment, delivering outstanding financial results and engaging the company in the energy transition quicker and stronger than its peers. The board unanimously looks forward to his continued leadership and his strategic vision to continue TotalEnergies’ transition.”
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