TotalEnergies CEO Patrick Pouyanne has outlined plans to expand the company’s investments in the US liquefied natural gas (LNG) market over the next decade, reinforcing its position as a leading exporter of US-produced LNG.
Pouyanne dismissed concerns that increased exports could drive up US gas prices, expressing confidence in the US administration’s pragmatic approach to energy policy. “What they want is very simple: jobs and billions of dollars in the US,” he said, as reported by Reuters.
Since assuming the CEO role in 2014, Pouyanne has strategically shifted TotalEnergies away from Russia, focusing on low-cost oil and gas production in the Middle East, Brazil, and the US, while expanding investments in electricity and renewables. The company reported $18.3 billion in earnings last year, with strong LNG trading offsetting weaker refining margins.
Unlike competitors such as Chevron, ExxonMobil, and BP, which have concentrated on shale oil and gas, TotalEnergies has prioritized LNG projects. The company has secured access to over 10 million tonnes per year of US LNG for global distribution, according to the report.
Pouyanne reaffirmed TotalEnergies’ long-term commitment to the US LNG market, stating: “We have enough to grow the US position for the next decade, and I am sure we will do it.” The company plans to expand production at the Cameron and Rio Grande LNG facilities along the Gulf of Mexico while evaluating additional projects.
The US is expected to nearly double its LNG export capacity by the end of the decade. While some economists warn of potential constraints on domestic supplies and rising energy costs, Pouyanne argued that the US has ample gas reserves, with infrastructure—not resource availability—being the primary bottleneck. “If you look at the history of the evolution of the US gas price, the spikes are more linked to the lack of infrastructure than the lack of resources,” he noted.
Europe has become the largest buyer of US LNG following the loss of Russian pipeline supplies due to the Ukraine conflict. TotalEnergies has emerged as a key supplier of US LNG to Europe while continuing to source Russian LNG from the Yamal facility. Pouyanne emphasized that the company’s diversified LNG portfolio helps mitigate geopolitical risks.
“Fundamentally, it is a political game, because China’s purchase of US energy is quite limited – in fact, they purchase from portfolio companies like us. What we will do is take more LNG from Qatar or from Australia, and the US LNG we will send to other customers,” he explained.
Despite geopolitical tensions, Pouyanne cautioned against a European ban on Russian LNG before 2027, arguing that global supply chains are not yet equipped to replace 18 million tonnes of Russian gas. He urged the European Union to negotiate guaranteed LNG supplies with the US, secure more long-term contracts, and reassess carbon taxation policies that impact electricity costs.