TotalEnergies’ CEO, Patrick Pouyanné, has announced that he is “ready” to boost the supply of liquefied natural gas (LNG) from the United States to Europe. He emphasized the need for the European Union to establish a long-term agreement for LNG, which would enhance energy security amid rising concerns about reliance on Russian gas.
Pouyanné highlighted that a favorable licensing system for European companies could fulfill the growing demand for US oil and gas, as put forth by former President Trump. This move would also help shield Europe from potential price hikes in the future.
As the largest energy exporter from the US, TotalEnergies aims to ensure reliable energy supplies to Europe, which is vital for reducing dependence on Russian gas. Currently, export licenses to Europe necessitate frequent negotiations, whereas countries with trade agreements with the US benefit from longer and automatic approvals.
Furthermore, Pouyanné suggested that Europe should negotiate guarantees to ensure that LNG supplies from the US remain uninterrupted. He voiced concerns that without such assurances, the US might limit its LNG exports, particularly in response to rising gas prices.
“Trump wants to sell more energy to Europe, especially LNG,” Pouyanné stated. “Total is one of the main players. I’m prepared to deliver more energy to Europe.”
Pouyanné’s statements come in light of Trump’s call for Europe to increase its oil and gas purchases from the US as a way to avoid tariffs, a consequence of ongoing trade disputes.
Frank Harris, an LNG expert from Wood Mackenzie, noted that Pouyanné’s remarks underscore the appeal of US LNG to companies like Total.
TotalEnergies recently reported that its net income has dropped by over 20% in 2024 due to falling crude prices, leading the company to slightly decrease its 2025 investment target from $18 billion to $17 billion.
While TotalEnergies is involved in multiple US LNG projects, including a significant initiative in Louisiana, Pouyanné stressed that the company would not rush into new US projects solely because of Trump’s election.
The current US administration has pledged to ease regulations and open up federal lands and waters for fossil fuel production, contributing to the appeal of investing in American energy.
However, Pouyanné stated his commitment to a balanced strategy. He criticized strict environmental and sustainability regulations in Europe, which he believes undermine the EU’s competitiveness. He labeled the EU’s corporate sustainability reporting directive as a problematic initiative created with good intentions.
Despite facing scrutiny in Europe for investing in fossil fuels, including LNG, TotalEnergies is not abandoning its electricity generation ambitions. The company aims to increase electricity production from 40 TWh last year to 100 TWh by 2030, blending renewable resources with natural gas.
Pouyanné reiterated that TotalEnergies would not alter its strategy based solely on the changing political landscape in the US. Even with Trump’s anti-renewable stance causing delays in wind farm projects in New York and New Jersey, the company remains committed to its long-term plans. Additionally, it may reconsider minor projects, like one focusing on e-methane in the US, if fiscal incentives from the Inflation Reduction Act are not maintained.
Analysts have suggested that similar low-carbon initiatives could be at risk if key tax credits are removed by Congress.