TotalEnergies SE (NYSE:TTE) is on the cusp of increasing its oil production by 3% per year between 2024 and 2030. That was evident after the oil major announced its first oil from a fourth development of its Mero field on the Libra block in Brazil on May 27. Mero-4 is the new phase well that connects 12 wells to the new Alexandre de Gusmão FPSO (Floating Production, Storage and Offloading) unit.
A engineer overseeing a exposed network of pipelines connected to tanks at an oil refinery.
With a production capacity of 180,000 barrels of oil per day, the new project is poised to bring Mero’s production capacity to 770,000 b/d. It would be a significant addition, considering TotalEnergies average production in 2024 stood at 153,000 barrels a day.
The Mero 4 project is also designed to ensure minimal greenhouse gas emissions while delivering oil at the lowest cost. Consequently, the Mero 4 project is expected to generate significant free cash flow to bolster TotalEnergies balance sheet. In addition to bolstering oil production in Brazil, TotalEnergies is also investing in renewable energy as it seeks to diversify its revenue source. In partnership with Casa dos Ventos, the company is in the process of developing a 12GW renewable energy portfolio that includes onshore wind, battery storage, and photovoltaic.
TotalEnergies SE is an integrated energy company that produces and markets oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables, and electricity.
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