TotalEnergies’ heavy presence in Abu Dhabi paid off in 2022, with output from the emirate helping push the French major’s Mena oil output up to an annual record 552,000 b/d. This accounted for a record 36.3% of the firm’s global output in a year which saw it post record annual profits of $36.2bn.
Last year’s record Mena output returned TotalEnergies to its pre-Covid trend, which saw its net output from the region post five consecutive annual increases between 2015 and 2019. Production just pipped 2019’s previous record high of 548,000 b/d (see chart 1). This will have been sufficient to solidify its place as the region’s largest IOC (see chart 2), well ahead of No.2 ExxonMobil (MEES, 6 May 2022). (CONTINUED - 1274 WORDS)
