Demand for petroleum products is expected to stagnate and then decline between now and 2030 thanks to technological progress and evolving uses. By 2050, demand will have dropped significantly. These products will face increasingly stringent requirements to limit the emissions related to their extraction and use.
TotalEnergies is therefore reducing the share of petroleum products in its sales mix, from 65% in 2015 to 44% in 2021 (excluding Covid-19), with a target of 30% in 2030.
We are limiting our new hydrocarbon developments to areas with the lowest emissions. In 2021, for example, TotalEnergies decided to exit Venezuela, considering that the production of heavy oils from the Orinoco would not meet its greenhouse gas emissions objectives.
In addition, we respect exclusion zones and good environmental practices. We will not conduct oil explorations in the Arctic Sea ice or approve any capacity increases in Canada's oil sands.
In September 2021, TotalEnergies signed large-scale multi-energy agreements in Iraq to help the country in its energy transition, covering the construction of a gas network and treatment units, a large-capacity seawater treatment unit and a photovoltaic plant with a capacity of 1 GW.