TotalEnergies, Facing Pressure on Russian Gas Assets, Looks at North Sea, US

TotalEnergies has said it would not renew some Russian supply contracts, but has come under fire for not following industry rivals in shedding Russian assets.

Reuters

TotalEnergies, which is maintaining assets in Russian gas projects even after Russia’s invasion of Ukraine, is now looking into sourcing its gas from the U.S. and projects in the North Sea, its CEO said on March 24.

“There is no future for growth in Russia but there is a new European market for liquefied natural gas (LNG),” said CEO Patrick Pouyanne, pointing to options in the U.S. as well as projects the group is revisiting in the North Sea.

TotalEnergies has said it would not renew some Russian supply contracts, but has come under fire for not following industry rivals in shedding Russian assets.

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