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TotalEnergies (TTE) & Partners Launch New Subsea Technology
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TotalEnergies SE (TTE - Free Report) announced that the company, along with its partners in Libra Consortium, will be implementing a new technology in the deep offshore Mero field in Brazil. The technology will utilize a high-pressure subsea separation technology, which will separate oil from CO2-rich gas at the bottom of the ocean and reinject the gas directly into the reservoir.
This innovative technology has the potential to reduce the amount of gas sent to the topside FPSO, thus enabling the reduction of greenhouse gas (“GHG”) emissions while increasing Mero field production capacity.
TotalEnergies to Benefit From This Innovation
This innovation fits into the company’s strategy to expand its operations, lower emissions and reduce operating costs with a motive to improve its competitiveness sustainably.
TotalEnergies has been expanding its operations globally and has substantial offshore operations, where it can implement this new technology to reap benefits and reduce GHG emissions.
Multi-Energy Portfolio
The company continues to move forward with its multi-energy strategy and is set to benefit from the development of its hydro-carbon and renewable assets.
In the third quarter, its hydrocarbon production averaged 2,476 thousand barrels of oil equivalent per day (Mboe/d) and it expects fourth-quarter 2023 hydrocarbon production to be between 2.4 and 2.5 Mboe/d.
TotalEnergies has an ambition to become net zero by 2050. To achieve this target, it is adding more clean projects to its portfolio. TTE has already decided its long-term renewable energy goal of generating more than 100 terawatt hours of clean energy by 2030. This oil and gas major is gradually building a portfolio of low-carbon businesses that could account for 15-20% of its sales by 2040.
The combination of hydrocarbon production and expanding renewable operations is going to boost the company’s performance.
Renewable Energy in Focus
Per the latest International Energy Agency release, renewable energy will account for nearly 50% of the global electricity mix by 2030, up from 30% at the present level. Undoubtedly, this will create a massive demand for renewable projects and the companies that are investing in the clean energy space will enjoy the enormous increase in demand.
A transition in the energy space is evident, with many companies now focusing on lowering emissions and planning to use energy generated from clean sources. Utilities are expanding their clean energy generation portfolios. Creating and operating large utility-scale renewable projects are viable, courtesy of the technological development of large battery storage projects that are making renewable projects more dependable.
To reap benefits from the rising demand for clean and renewable energy sources, along with TotalEnergies, other oil and gas companies like ExxonMobil Corporation (XOM - Free Report) , BP plc (BP - Free Report) and Chevron Corporation (CVX - Free Report) are also adopting measures to reduce emissions from operations.
ExxonMobil has reported progress in its efforts to achieve a 40-50% reduction in the intensity of upstream-operated greenhouse gas emissions by 2030 from the 2016 reported level. The company has already accomplished half of this reduction target. XOM is pursuing more than $20 billion worth of lower-emission opportunities until 2027. These opportunities encompass various areas, such as lithium, hydrogen, biofuels and carbon capture and storage.
BP has set an aggressive energy transition plan to capitalize on the mounting demand for clean energy. In a decade, it has set an ambitious goal of developing 50 gigawatts (“GW”) of net renewable energy generating capacity, representing a massive improvement from the 2.5 GW capacity the company has produced so far.
CVX is making efforts to lower methane emissions. The firm has adopted an upstream methane-intensity target of 2.0 kg CO2e/boe by 2028, which represents a 57% reduction from its 2016 baseline. It has reduced its methane intensity by more than 50% and is actively working to end routine flaring by 2030.
Price Performance
Over the past six months, shares of TTE have increased 18.2% compared with the industry’s growth of 19.4%.
Image Source: Zacks Investment Research
Zacks Rank
TotalEnergies currently has a Zacks Rank #3 (Hold).
Image: Bigstock
TotalEnergies (TTE) & Partners Launch New Subsea Technology
TotalEnergies SE (TTE - Free Report) announced that the company, along with its partners in Libra Consortium, will be implementing a new technology in the deep offshore Mero field in Brazil. The technology will utilize a high-pressure subsea separation technology, which will separate oil from CO2-rich gas at the bottom of the ocean and reinject the gas directly into the reservoir.
This innovative technology has the potential to reduce the amount of gas sent to the topside FPSO, thus enabling the reduction of greenhouse gas (“GHG”) emissions while increasing Mero field production capacity.
TotalEnergies to Benefit From This Innovation
This innovation fits into the company’s strategy to expand its operations, lower emissions and reduce operating costs with a motive to improve its competitiveness sustainably.
TotalEnergies has been expanding its operations globally and has substantial offshore operations, where it can implement this new technology to reap benefits and reduce GHG emissions.
Multi-Energy Portfolio
The company continues to move forward with its multi-energy strategy and is set to benefit from the development of its hydro-carbon and renewable assets.
In the third quarter, its hydrocarbon production averaged 2,476 thousand barrels of oil equivalent per day (Mboe/d) and it expects fourth-quarter 2023 hydrocarbon production to be between 2.4 and 2.5 Mboe/d.
TotalEnergies has an ambition to become net zero by 2050. To achieve this target, it is adding more clean projects to its portfolio. TTE has already decided its long-term renewable energy goal of generating more than 100 terawatt hours of clean energy by 2030. This oil and gas major is gradually building a portfolio of low-carbon businesses that could account for 15-20% of its sales by 2040.
The combination of hydrocarbon production and expanding renewable operations is going to boost the company’s performance.
Renewable Energy in Focus
Per the latest International Energy Agency release, renewable energy will account for nearly 50% of the global electricity mix by 2030, up from 30% at the present level. Undoubtedly, this will create a massive demand for renewable projects and the companies that are investing in the clean energy space will enjoy the enormous increase in demand.
A transition in the energy space is evident, with many companies now focusing on lowering emissions and planning to use energy generated from clean sources. Utilities are expanding their clean energy generation portfolios. Creating and operating large utility-scale renewable projects are viable, courtesy of the technological development of large battery storage projects that are making renewable projects more dependable.
To reap benefits from the rising demand for clean and renewable energy sources, along with TotalEnergies, other oil and gas companies like ExxonMobil Corporation (XOM - Free Report) , BP plc (BP - Free Report) and Chevron Corporation (CVX - Free Report) are also adopting measures to reduce emissions from operations.
ExxonMobil has reported progress in its efforts to achieve a 40-50% reduction in the intensity of upstream-operated greenhouse gas emissions by 2030 from the 2016 reported level. The company has already accomplished half of this reduction target. XOM is pursuing more than $20 billion worth of lower-emission opportunities until 2027. These opportunities encompass various areas, such as lithium, hydrogen, biofuels and carbon capture and storage.
BP has set an aggressive energy transition plan to capitalize on the mounting demand for clean energy. In a decade, it has set an ambitious goal of developing 50 gigawatts (“GW”) of net renewable energy generating capacity, representing a massive improvement from the 2.5 GW capacity the company has produced so far.
CVX is making efforts to lower methane emissions. The firm has adopted an upstream methane-intensity target of 2.0 kg CO2e/boe by 2028, which represents a 57% reduction from its 2016 baseline. It has reduced its methane intensity by more than 50% and is actively working to end routine flaring by 2030.
Price Performance
Over the past six months, shares of TTE have increased 18.2% compared with the industry’s growth of 19.4%.
Image Source: Zacks Investment Research
Zacks Rank
TotalEnergies currently has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.