TotalEnergies has projected annual oil and gas production growth of more than 3% through 2030 as new projects come on stream across its global operations.
The French energy company said the projects under development are expected to increase production while maintaining a focus on low-cost developments.
TotalEnergies also expects its overall energy output, including oil, natural gas and electricity, to grow by about 4% annually through the end of the decade.
The company said the increase in production could add about $10 billion to its free cash flow between 2025 and 2030, based on the same oil and gas price assumptions.
TotalEnergies is relying on new developments and projects in countries including Nigeria, Namibia, Libya, Malaysia, Mozambique and Papua New Guinea to support its longer-term production plans.
The company expects to maintain oil and gas production at around 3 million barrels of oil equivalent per day through 2035, supported by more than 12 years of proven reserves.
It also plans to increase production by between 2% and 3% annually from 2030 to 2035 through exploration activities and the development of already discovered resources.
Alongside its oil and gas business, TotalEnergies is expanding its electricity portfolio. The company expects electricity to make up about 25% of its total energy mix by 2035, while its Integrated Power business is expected to become free cash flow positive in 2027.
Nigeria remains part of the company’s growth strategy. Last week, TotalEnergies approved investment in the Ima gas field offshore Nigeria, with the project expected to support additional gas supply to Nigeria LNG’s expanding export operations. TotalEnergies owns a 15% stake in Nigeria LNG.
The company is also accelerating oil production from its Acacia-5 discovery in Angola’s Block 17. The field, discovered in June 2026, is planned for a fast-track development using available capacity on the nearby Pazflor floating production, storage and offloading vessel.
Acacia-5 is expected to add about 6,000 barrels of oil per day to production from Block 17.
TotalEnergies also announced plans to increase dividends by more than 5% annually between 2026 and 2030, while maintaining a shareholder return target of at least 40% of cash flow.
