BAKU, Azerbaijan, November 6. In the third quarter of 2023, TotalEnergies' hydrocarbon production, excluding Novatek, reached 2.476 million barrels of oil equivalent per day (mboe/d), marking a 5-percent increase compared to the previous year, Trend reports.
According to the companym, this increase in production was a result of several key factors.
First, a 5-percent boost stemming from the initiation and expansion of various projects, including Absheron in Azerbaijan, Johan Sverdrup Phase 2 in Norway, Mero 1 in Brazil, Ikike in Nigeria, and Bloc 10 in Oman.
Meanwhile, TotalEnergies saw a 2-percent uptick attributed to a reduction in planned maintenance activities, notably on Ichthys in Australia, and a decrease in unplanned outages, particularly at the Kashagan field in Kazakhstan.
Furthermore, the company's hydrocarbon output also increased by 1 percent, driven by improved security conditions in Nigeria and Libya.
However, these positive factors were partially offset by a 3-percent decrease resulting from natural field declines, the report added.
When comparing the third quarters of 2022 and 2023, portfolio adjustments played a significant role. New additions to the portfolio, such as entry into SARB Umm Lulu in the UAE, the Ratawi field in Iraq, and an increased interest in Waha concessions in Libya, helped counterbalance negative changes in the portfolio, including the conclusion of the Bongkot operating licenses in Thailand and the departure from Termokarstovoye in Russia. These dynamics reflect TotalEnergies' commitment to optimizing its hydrocarbon production and portfolio composition.