French major TotalEnergies used its 28 September strategy outlook to announce a hike of around $2bn/year in planned 2023-25 capex.
With planned annual spending hiked from $13-15bn to $14-18bn, the new figures at their midpoint now imply an increase, rather than a fall, from the projected 2022 figure of $14.5bn. Of the planned spend, somewhat less than half is slated for oil, 33% on electricity & renewables and the remaining 20-25% on LNG. (CONTINUED - 139 WORDS)