BAKU, Azerbaijan, April 27. TotalEnergies expects hydrocarbon production in 2Q2024 to range from 2.4 to 2.45 million barrels of oil equivalent per day (Mboe/d), Trend reports.
According to the company's forecast, this level is expected to be affected by planned maintenance activities partially offset by the Mero 2 project in Brazil and the Tyra project in Denmark coming online.
The energy giant also noted that considering the heightened geopolitical tensions and the decision from OPEC+ to stick with production quotas through the quarter, robust prices are putting pressure on refining margins, which have been strong since the year began.
"Despite exiting winter at high gas storage levels, European gas prices have been trading within a range of $8 to $10/Mbtu at the beginning of the second quarter 2024. Recovering Asian LNG demand and limited global LNG capacity additions in 2024 support forward prices above $11/Mbtu for the 2024-2025 winter period," TotalEnergies says.
Taking into account the recent trends in oil and gas prices and their impact on pricing formulas, TotalEnergies expects its average LNG selling price to range between $9 and $10/Mbtu in the second quarter of 2024.
Meanwhile, TotalEnergies reported a hydrocarbon production of 2,461 thousand barrels of oil equivalent per day (kboe/d) in 1Q2024. The output in the reporting period decreased by 2 percent year-on-year (2,524 kboe/d in 1Q2023). In 4Q2023, the company's production totaled 2,462 kboe/d.