TotalEnergies CEO Patrick Pouyanné said during CERAWeek by S&P Global that Texas was important for his company, which he jokingly called “El Dorado” — a reference to the fabled city of gold — due to the state’s love for crude oil, natural gas and renewables.
Pouyanné, speaking in Houston during a plenary session with S&P Global Vice Chairman Daniel Yergin, said the Paris-based energy giant has taken several steps in Texas, including investing in the Rio Grande LNG project and integrating its energy position with more upstream gas production.
“It’s part of [TotalEnergies’] transition strategy and the investments we do are in the energy value chain where we are amongst the top players in the world,” Pouyanné said.
Pouyanné said TotalEnergies has targeted Texas for investment “because you have the cheapest gas on the planet … so it sets a benchmark for many projects, so you can be efficient.”
Pouyanné said the Texas market was also important as TotalEnergies tries to integrate its LNG business and push upstream as well.
“In the U.S. you have large spaces in Texas,” Pouyanné said, adding that if someone wanted to build an 800-megawatt solar park it could be done.
Finally, Pouyanné said other attractions to Texas included electricity market, as well as Texas’ growing population.
“As a European company, investing in the U.S. is quite a safe place,” he said. “In Europe it is tough.”
Recommended Reading
OTC: E&Ps Improving Operational Safety with Digitization
2024-05-13 - Artificial intelligence and the digitization of the oilfield have allowed for several improvements in keeping operators out of harm’s way, panelists said during the 2024 Offshore Technology Conference.
Spate of New Contracts Boosts TechnipFMC's Subsea Profits
2024-04-30 - TechnipFMC's operational profits are growing as the company heightened its focus on “quality” subsea orders, which earned $2.4 billion for the first quarter.
Haynesville’s Harsh Drilling Conditions Forge Tougher Tech
2024-04-10 - The Haynesville Shale’s high temperatures and tough rock have caused drillers to evolve, advancing technology that benefits the rest of the industry, experts said.
TGS Starts Up Multiclient Wind, Metaocean North Sea Campaign
2024-05-07 - TGS is utilizing two laser imaging and ranging buoys to receive detailed wind measurements and metaocean data, with the goal of supporting decision-making in wind lease rounds in the German Bright.
Exclusive: Silixa’s Distributed Fiber Optics Solutions for E&Ps
2024-03-19 - Todd Chuckry, business development manager for Silixa, highlights the company's DScover and Carina platforms to help oil and gas operators fully understand their fiber optics treatments from start to finish in this Hart Energy Exclusive.