RYAD / LONDON, October 23 (Reuters) – The current surge in gas prices is driven by strong demand fueled by the rebound in the economy after the coronavirus crisis and prices are expected to stabilize after winter, estimated on Saturday Patrick Pouyanné, CEO of TotalEnergies.
“I don’t think (the surge in gas prices) is sustainable,” he said in English at the Saudi Green Initiative Forum, a climate conference hosted by Saudi Arabia.
Patrick Pouyanné also ruled that excluding oil and gas from the energy transition was not a relevant approach, arguing that the lack of investment in hydrocarbons could itself trigger a crisis.
TotalEnergies intends to accelerate the growth of its investments in renewables and electricity to bring them to $ 3 billion per year, or nearly 25% of its investments, over the period 2021-2025 while continuing to devote 50% of its investments in oil and 25% in gas. (Report Yousef Saba and Saeed Azhar in Riyadh, Marwa Rashad in London and Aziz el Yaakoubi in Dubai; French version Jean-Stéphane Brosse)
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