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Total Plans Spending Boost as Energy Crisis Lifts PrIces

  • Company raises upper limit of its 2022-25 expenditure target
  • French major may revive North Sea gas projects, CEO says
A fuel pump at a TotalEnergies SE gas station in Toulouse, France.

A fuel pump at a TotalEnergies SE gas station in Toulouse, France.

Photographer: Matthieu Rondel/Bloomberg

TotalEnergies SE is considering raising spending in the next three years as Europe’s energy crunch and Russia’s invasion of Ukraine boost demand and prices for oil and gas.

The French energy major increased the upper limit of its annual capital expenditure target by $1 billion to $16 billion for 2023-25, according to a presentation Thursday. While some of the spending could be on clean-energy projects, the company is using the leeway to revive extension of hydrocarbon fields in countries such as Angola which had been put on hold during the pandemic, Chief Executive Officer Patrick Pouyanne said.