 Donc maintenant, je vais laisser la flotte à Nicolas Théras. Nicolas Théras est président de la production d'exploration de TotalEnergy. Vous avez fait une bonne présentation hier. Et merci d'être ici pour cette session. Et maintenant je vais laisser la flotte à vous. Merci Olivier, c'est un plaisir pour moi d'être ici. Pour partager quelques commentaires sur le contexte de l'énergie Qu'est-ce que la stratégie d'une compagnie de TotalEnergy dans ce contexte ? Vous savez, en pensant sur le contexte de l'énergie, le premier point que je veux faire est que la demande pour l'énergie est augmentée aujourd'hui, ce n'est pas augmenté. Elle est augmentée parce que la population est augmentée, particulièrement dans les pays émergents, dans le sud global, parce que l'aspiration est aussi pour les standards de betterment de vie. Donc, nous devons rencontrer cette demande pour l'énergie. En même temps, bien sûr, nous avons des responsables collectifs, des compagnies, des gouvernements, pour adresser des changements climatiques. Il y a des impératifs pour acheter la neutralité du climat pour le plan. Le troisième point que je veux faire est que les gens veulent l'énergie, mais ils veulent aussi l'énergie adaptable. C'est un constat, vous savez, en France, en Europe, en États-Unis, en Brésilie, en Algérie, les prix d'énergie augmentent. Les gens vont à la rue. Donc, il y a aussi besoin d'aider, d'aider à faire de l'énergie disponible, mais aussi d'assurer que cette énergie est disponible. Et tout ça, dans un système où aujourd'hui, les fuels fossiles représentent 80% de l'énergie globale. Donc, une demande pour l'énergie, un impératif de neutralité du climat a besoin d'aider de l'énergie adaptable, même avec un investissement massive pour la transition de l'énergie, sur un point de départ qui est aujourd'hui 80% des fuels fossiles. Donc, je pense que si vous considérez ces 4 éléments ensemble, cela donne une idée de la magnitude du challenge que nous sommes face dans notre secteur. Je vais juste focusser un peu sur les énergies différentes. Aujourd'hui, l'huile est 30% de l'énergie. La production globale va faire une simple 100 millions de barres par jour. L'Energie internationale, j'en vois un nombre d'organisations, vous vous faites un forecast sur l'avenir de la production de l'huile, et quand est-ce que la production de l'huile se décline? A toute l'énergie, nous avons plus ou moins de production de l'huile dans les décennies, et nous sommes appartenus à décliner de l'Energie 2030, pour atteindre un niveau de l'esprit en 2050, quand nous voulons être carboneutriques, à quelque part, entre 40 et 60 millions de barres par jour, comparé à aujourd'hui 100 millions. Parce qu'il y aura toujours une demande pour l'huile pour un nombre de forces. Aujourd'hui, nous ne verrons comment ils peuvent être substituts. La réalité aujourd'hui est que la demande d'oil n'est pas diminuée. Nous n'y sommes pas encore dans cette curve. Cette année, la demande d'oil sera 102 millions de barres par jour, plus de 2 millions vers l'année dernière. Plus de 2 millions, pour vous donner une idée, une compagnie d'énergie totale est produire 1,4 million de barres par jour de l'oil, globalement. Plus de 2 millions dans un an est 1,5 fois la production totale. Il s'agit d'un projet de 20 à 30 barres, très large. Il s'agit d'un projet d'apprentissage. Je pense que c'est important d'understand que nous sommes allés voir un déclinage dans la production de l'oil, mais aujourd'hui, ce n'est pas encore le cas. J'ai parlé de la demande. Maintenant, l'oil de l'oil, je l'ai mentionné hier, mais je pense que c'est toujours important d'oublier qu'il y a un déclin naturel de production de l'oil de l'oil, ce qui est plus grand, par exemple, que pour le gaz. C'est à peu près 4 % par année. Donc, si vous n'avez rien fait, chaque année, de votre 100 millions de barres par jour, vous perdez 4 millions. En face de la demande, vous savez qu'il est augmenté de 2 millions. C'est pourquoi, dans notre compagnie, nous avons besoin d'investisseurs dans les projets de l'oil de l'oil, alors nous pouvons commencer, nous pouvons arrêter d'investir, mais si nous arrêterons d'investir, il y a très rapidement une grande balance entre supply et demand. Et très rapidement, les prix vont à l'aéroport et nous reviendrons à l'issue de l'égalité de l'énergie et de l'acceptabilité de tout ça. Le gaz. Aujourd'hui, le gaz est à peu près un quartier de l'énergie globale. Nous voyons que le gaz a une grande foule pour la transition. Simplement parce qu'il y a encore un grand potentiel de substituer des moules pour le gaz, ou des moules par gaz, particulièrement pour la génération de power. Le share de moules dans l'énergie globale est un peu plus haut que le share de gaz, par exemple. Le moule est à peu près un quartier de l'énergie globale. Donc, il y a cette substitution. Nous voyons qu'il y a une demande pour le gaz qui est en train d'actualiser dans les années à venir. Et une preuve importante pour le gaz pour être une foule de transition acceptable est, bien sûr, d'éliminer toutes les émissions de moules de la production de gaz, de la transportation de gaz et de l'utilisation de gaz pour s'assurer que le gaz est un contributeur positif pour la réduction des émissions de gaz. L'électricité est, bien sûr, le corps du nouveau système d'énergie parce que nous savons que l'électrification va jouer un rôle important dans la décarbonisation du système d'énergie. C'est un équilibre pour la transition d'énergie. Il va mobiliser certainement des investissements massifs, continuer à mobiliser des investissements massifs dans le futur. Not only in electric power generation particularly from renewables but also in transportation and networks. On power systems will become more and more complex at least as the way we see it with the massive arrival of renewable power generation and the impact it has on the management of power systems. On what we need to remember also is that electric power customers or users they want firm power, they don't want intermittent power which means that even if renewables will play a very important role in the future they need to be complemented by flexible power generation sources so gas fire power generation or storage by the way. So that's what I wanted to say as a few ideas about the energy sector and now let me move to what is the strategy of total energy what we are trying to achieve in this context which is both a challenging I would say exciting. Our strategy we summarise it very simply by saying we want to produce more energy with less emissions. More energy for the reason I mentioned because there is a growing demand for energy by a growing population and in total energies we expect to continue increasing our energy production while diversifying of course our mix with more low carbon energy. Less emissions at the same time and we've taken a commitment to decrease our greenhouse gas emissions by 40% between 2015 and 2030 and I will say a few words about how we are going to achieve that but my first message is that I think a number of our peers actually are pursuing similar strategies is to be able to supply more energy to people with less emissions which is a real challenge per se. So today we see our future activity on our strategy based on two pillars first pillar is oil and gas second pillar is what we call integrated power So to give you an idea today we dedicate about two-thirds of our investment our capital expenditure programme to the first pillar oil and gas so about 11 billion dollars per year and one-third of our capital expenditure to the second pillar which is renewable power generation low carbon molecules so two-thirds one-third 10-11 billion dollars for the first one 5 billion dollars per year for the second one which in fact is a massive shift compared to where we were five years ago where the second pillar was close to zero So for the first pillar oil and gas of course to achieve our more energy less emissions strategy we are focusing on oil and gas projects which are both low cost and low emissions low cost because we want our projects to be resilient through the cycles and I don't need to tell you that Olivier mentioned about the oil price variations over the recent period but we are in a very volatile market so all our new projects we set for ourselves criteria they need to have a technical cost below 20 dollars per barrel to be resilient at 50 dollars per barrel on low emissions because it's a way to achieve our target to decrease by 40% our greenhouse gas emissions by 2030 so what does it mean low emissions it means that when we look at the emission intensity of our production so the quantity of CO2 that we emit for one barrel or one barrel equivalent produced today the figure is 20 and by the end of the decade our target is to reach 13 13 kg of CO2 equivalent per barrel so to do this we work both on our existing production base on our new projects existing production base we are basically our emissions they are coming from our own energy consumption which is a majority of our emissions and they are coming from flaring so we are gradually eradicating in fact flaring routine flaring will be eradicated from all our facilities in a couple of years even if our target was 2030 and then we are deploying new technology to stop completely flaring including you know the safety flaring that we usually have in our facilities we have systems of closed flare basically today we can produce oil and gas with zero flaring energy consumption we are spending this year and next year 1 billion dollars to improve the energy efficiency in our facilities so we are doing like any industrial company willing to reduce its energy consumption we are installing combined cycle power generation units of short production facilities instead of traditional gas turbines we are electrifying our facilities or a number of projects with renewable power generation so we are taking care of our emissions you know and of course hoping that the energy users or customers will follow the same approach one principle that we set for ourselves is that all our new projects oil and gas projects must have a greenhouse gas intensity below the average of our portfolios the average of our production so by doing that that's the way we can reduce gradually the emissions from our production low emissions for us is also aiming at zero missing emissions because as I mentioned we see gas as a great transition fuel but provided we can eradicate missing emissions so we decreased our missing emissions by half over the last decade our target is to further reduce by 50% another 50% by 2025 and be near zero missing emissions in 2030 so I'm going to accelerate a bit talk about the second pillar of our strategy which is integrated power as I mentioned electricity was about 5% our overall production last year and we target to bring this to 20% by 2030 alors some people may say 20% isn't a lot but to go from 5% to 20% we need to invest every year 4 billion dollars in our integrated power business which is probably actually one of the largest investment by a single company in Europe in renewable in 2030 we'll have 4 billion dollars this year we invest 4 billion dollars in electricity power generation mostly from renewables so we've got this massive investment program we're planning to generate over 100 terawatt hour of renewable electricity by 2030 but then when we say integrated power our objective at the end of the day is not only to generate more renewable power but is also to provide firm power to customers which is what is required in fact so our strategy really is to integrate this renewable power generation with flexible power generation from combined cycle gas turbines with storage from batteries to manage intermintancy from renewables in order to be able to deliver this firm clean power to our customers of course we're trying to build an integrated power business which is also a profitable business because we're a company and we have shareholders and so we put a lot of energy and focus on producing better developing projects better at a lower cost and selling better for projects I think we recognize that you know there are a lot of utilities around the world which have much more experience with deeper power business than we have still we have a large offshore experience for instance so we try to focus on areas where we can be competitive such as offshore wind and of course I will finish with that because Olivier is telling me that I passed my time already but we also try to develop more and more multi-energy projects Good example of this is what we are doing in Iraq where we have four component projects where we develop the production from an existing oil field to generate money and part of this money is used to gather and process a lot of natural gas currently being flared in Iraq to supply power generation in the country and at the same time we develop a 1 gigawatts solar plant in the same area in the south of Iraq to supply power to local people and we believe that this kind of and there is a fourth component which is basically to build a large seawater treatment plant to be able to replace ground water being used for injection into the oil field in the south of Iraq by treated seawater and so to Olivier it's a hydric stress and we believe this type of multi-energy project today is a good solution a good solution for a responsible energy supply and it's also a good solution for the acceptability of what we are doing voilà I'm going to stop there Thank you for this very interesting presentation are there some questions on this presentation yeah please you push your button push the button yeah just one quick question on this Iraq thing you mentioned about natural gas flaring it's converting into electricity any plans by total or your partners there basically to monetize even deeper and more comprehensively to convert that into LNG for export no we've not the project is ready to supply electricity for the local requirements because the local needs are huge I need to know that today Iraq there is a lot of gas being flared in Iraq but at the same time the country is importing gas from Iran in fact so you know the idea is pretty simple is to supply gas for the local power generation plants which are existing already and to substitute import by local production so no plan for LNG simply because the demand is there plan to capture all that gas which is being flared so that it can be monetized maybe for the benefit of the local population of the local economy the plan is to collect all this gas currently being flared to process it to commercial specs and to supply it to gas fired power plant but locally thank you very much on this talk Jeremy Finn from Blue Water Intelligence I have a question regarding a peak so in any system energy system there is a the system needs to be balanced and you mentioned that you are developing battery capabilities to handle the peak in a low carbon way so there are other ways so first of all what is the capability of your batteries at the moment because it's not simple technology at large scale and are you considering other energy sources and typically intermitted energies are not the solution for peak typically countries look at either nuclear or hydropower nuclear for capability, hydropower for storage dams in particular so are you looking at these I believe nuclear no because it's written in your report but who knows and how about hydropower are you considering these three questions battery capability nuclear yes or no and are you looking at hydropower thank you very much battery capabilities we assess it for each project depending on what is the market what is the demand structure what is the pricing structure what is the customer requirement whether we set on a derigulated market you know merchant way or whether we have a PPA with an industrial customer to which we need to provide firm power but typically for a large portion of our renewable projects today we associate them with battery and you are asking what is the size of your storage it depends but for a 1 gigawatt typically for a 1 gigawatt renewable project we have a storage capacity ranging anywhere between 300 to 600 gigawatt so it's pretty large in fact so that's for batteries yes you're right battery is not the only solution to manage intermittency you know we are doing it in a there is pump storage hydro other ways to do it and we are looking at this definitely we are looking at always actually to manage intermittency nuclear no we are not nothing in nuclear which doesn't mean that we don't believe nuclear is a good solution I think nuclear is as a role to play decarbonise the energy mix and we certainly recognize that but it's not our competency you know we are doing we have our two pillars we have no experience nuclear is complicated and then we tend to think also for you know we are looking also at the long term liabilities on we think like for private company like total managing the long term liabilities associated with nuclear is not easy thank you you have the floor Renaud Girard from Le Figaro should I speak French because everybody understands French I don't know it's not translated so I will speak English I would like to know the impact of a small geopolitical event that happened in February 22 invasion of Ukraine by Russia on total business what was the shift of your business so can you tell us the shift of business between January 21st and January 2024 and how much it cost to the company this small geopolitical event and how could you face it did you have like reserve did the government help you did European Union help you how did you face this change of business so on this first the impact on our business I think we communicated fairly openly and clearly what business principles we decided to apply after the invasion of Ukraine first thing that we abide with sanctions no matter what is the impact on our activities and we are doing so second what we did immediately was to stop purchase of oil and petroleum products from Russia then we started a gradual withdrawal of winding down of our activities we had one oil production field in Russia Karaga that we sold we exited that we had a gas field for domestic supply and then you know we communicated that we deconsolidated our interest in Novatec we kept an interest our interest in Yamal LNG which is a decofection plant supplying Europe one of our principles being that we continue to supply LNG from Russia to Europe as long as European governments actually are considering that this is desirable and that there is no sanction of that the cost of all this I think is public because you know we took total depreciation on Russia of 14.8 billion dollars to be specific so close to 15 billion dollars 14.8 no the government did not help us it's not a practice in the company to ask for monetary support from the government I don't think we would get it anyway so we are trying to manage our business by ourselves yes it can be the other way around you mean that you are not like the big banks you don't when you have a problem you don't ask the government to help you no no no there is a in fact the it's a hit you know on the business of the company but it's a hit that the company can manage we have a limit in the amount of capital employ that we put in each individual country so in Russia we were at the higher end not far from the limit but it's the same rule and actually the Russian crisis has demonstrated against us that we need to stick to that rule what is the maximum it's 15% per country 10% ok so that's that's what I can say after of course there is an impact on our production you know total energy was if you look at our reports annual reports we were 2.8 million barrels equivalent per day company 2 years ago today we are at 2 last year we are at 2.4 there is a gap we are developing our LNG business outside Russia you know so we have a number of projects we recently announced that we joined Rio Grande LNG in the US we are preparing to take a final investment decision on Papo LNG we are participating in the very large north field expansion in Qatar in those 6 new LNG trains we have Mozambique LNG we are participating in expansion in Nigeria LNG and Oman LNG so we are growing our LNG I would say from outside Russia we increased actually a lot of LNG imports to Europe from other sources last year and I think we contributed in a meaningful manner to the continuity of supply of gas to Europe so that's the way we are doing thank you I think that's a good opportunity