TotalEnergies boosts LNG imports over 20% to replace 5 Bcm Russian gas
TotalEnergies CEO Patrick Pouyanné said the group has fully replaced the roughly 5 billion cubic meters of Russian gas it sourced in 2022 by increasing LNG imports by over 20% and boosting production from non-Russian assets. He added the move will have negligible impact on 2023 EBITDA guidance as alternative volumes fill the gap.
1. CEO Confirms Russian Gas Phaseout
Patrick Pouyanné announced that TotalEnergies no longer relies on any Russian gas following the EU decision to halt imports. The group has redirected its supply chain to substitute all volumes previously sourced from Russia.
2. Replacement Strategy Through LNG and Non-Russian Production
TotalEnergies increased its LNG import volumes by over 20% year-on-year and ramped up output from existing non-Russian upstream assets to cover the 5 billion cubic meters shortfall. New long-term contracts and flexible regasification slots underpin the shift.
3. Financial Impact and Outlook
Management projects the phaseout will not materially affect 2023 EBITDA or capital expenditure, citing the cushioning effect of hedges and diversified supply agreements on price volatility.