TotalEnergies says new oil projects still needed until 2030

PARIS (Reuters) - French oil and gas major TotalEnergies said further efforts would be needed in terms of decarbonisation, as it presented its 'Energy Outlook 2022' document, and that new oil projects would still be needed until the mid-2030s.

TotalEnergies added that the current energy crisis should provide an occasion to really anchor in stone means to come up with more energy efficient solutions.

European energy future and spot prices have soared over worries about gas supplies following reduced flows from Russia in the wake of Western sanctions because of the war in Ukraine, and also over a historically low French nuclear output.

The Ukraine crisis has highlighted Europe's dependency of fossil energies and the impact of high energy prices has pushed some governments to scramble for less environment-friendly solutions.

"(...) new oil projects are still needed until the mid-2030s to meet demand and avoid prices spikes," TotalEnergies said.

Overall oil demand will rise until the early 2030s and then decline by 2.3% per year, the French company added in a presentation.

(Reporting by Benjamin Mallet; Writing by Benoit Van Overstraeten; Editing by Silvia Aloisi)