Total Group’s hydrocarbon production down by 7% y-o-y

Oil&Gas Materials 30 April 2021 12:39 (UTC +04:00)
Total Group’s hydrocarbon production down by 7% y-o-y

BAKU, Azerbaijan, Apr.30

By Leman Zeynalova – Trend:

Hydrocarbon production of French Total company was 2,863 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2021, a decrease of 7 percent year-on-year, Trend reports citing the company.

“The production is comprised of: - 3 percent due to compliance with OPEC+ quotas, notably in Nigeria, the United Arab Emirates and Kazakhstan, +2 percent due to resumption of production in Libya, +2 percent due to the start-up and ramp-up of projects, notably North Russkoye in Russia, Culzean in the United Kingdom, Johan Sverdrup in Norway and Iara in Brazil, -2 percent due to portfolio effect, notably the sales of assets in the United Kingdom and Block CA1 in Brunei, -3 percent due to unplanned maintenance shut-downs notably in Norway, -3 percent due to the natural decline of fields,” said the company.

Total’s gross installed renewable power generation capacity grew to 7.8 GW at the end of the first quarter 2021, in line with the target of 10 GW by end-2021.

The portfolio of power capacity in operation, in construction and in development for 2025 has more than doubled from a year ago. It grew by 10 GW in the first quarter 2021 to 36 GW gross and 28 GW net, including the 20 percent interest in Adani Green Energy Limited (AGEL) and the acquisition of a 4 GW portfolio of solar projects in the US.

Net electricity production was 4.7 TWh in the first quarter 2021, an increase of 61% year-over-year, notably due to doubling production from renewable sources and the acquisition of four CCGT in France and Spain in the fourth quarter 2020.

Sales of electricity and gas in the first quarter 2021 increased by 13% and 8%, respectively, compared to the first quarter 2020 thanks to the growth in the number of customers.

The Group’s share of EBITDA for the Renewables and Electricity activity was $344 million in the first quarter 2021, an increase of 38 percent year-on-year, driven by the growth in electricity production, mainly from renewables, and the number of gas and electricity customers.


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