According to the Sustainable Development scenario put forward by the International Energy Agency (IEA), oil and gas will account for nearly half of the primary energy mix in 2040. They will continue to play a critical role in meeting the world's energy needs for decades to come. As a major energy player and an integrated operator across the entire oil and gas value chain, our role is to produce the energy we depend on every day in a sustainable, profitable way. Our ambition is to become the responsible energy major by delivering affordable, reliable and clean oil and gas to as many people as possible.
The oil and gas industry: a complex environment
The future of energy for our planet is being shaped by three key challenges, which are the basis for our strategy:
- Meeting the energy needs of a growing world population, set to reach more than 9 billion people in 2040.
- Fighting global warming, taking the IEA's Sustainable Development scenario into account in our strategy and decisions.
- Meeting the expectations of our stakeholders (communities, non-profit organizations and public sector players) to provide tangible solutions to the challenges of local economic, human and social development.
Producing oil and gas in a sustainable way also means being able to adapt to evolving requirements and limitations in the industry while capitalizing on the opportunities it offers. Energy markets have been characterized by highly volatile prices since 2015. Our integrated model has been invaluable in dealing with these conditions, providing the basis of our Group's extreme resilience.
Oil and gas fields are becoming more complex and less accessible, making resources more and more difficult to find and develop in a sustainable way. Today, we are increasingly able to leverage digital technology to rethink our exploration and production methods, for improved subsurface visualization, for example, or reduced logistics costs.
The industry is full of diverse and complex challenges, but our Group is constantly evolving to meet them head on.
Our reponse: affordable, reliable and clean energy
To meet the key challenges in the oil and gas industry, as well as the needs of our partners and stakeholders, we are committed to producing affordable, reliable and clean energy every day. To this end, we are consolidating our competitive advantage and continuing to expand our portfolio, all while improving safety for people and equipment and enhancing our environmental performance.
Consolidating our competitive advantage
To produce affordable oil and gas, we carefully manage costs through a number of far-reaching initiatives, enabling us to constantly optimize our portfolio and invest in highly competitive projects. We also take a very disciplined approach to investing so that we can maintain our competitive edge over the long term and ensure that our production is in line with increasing global demand for oil and gas.
Growing our production
Every year, we take care to start up our projects on schedule and on budget. We are continuing to increase our oil and gas production and we are also working to make our sites more reliable. Lastly, we seek to minimize the environmental impact of our operations and never compromise on the safety of people and equipment. In this way, we constantly improve our operational excellence.
Developing our gas portfolio
As part of our commitment to providing clean energy, we are working to reduce the carbon intensity of our production mix. To this end, we have made natural gas, which is a fast-growing fossil fuel and the least carbon-intensive for electricity production, a cornerstone of our strategy. Our aim is to ramp up our production of gas, which could account for nearly 60% of our hydrocarbon production by 2035, while limiting methane emissions generated by its production and transportation as much as possible. To renew our gas portfolio, we have made a number of investments, particularly in Russia, the British North Sea and the United States.