TotalEnergies SE Advances Global Gas Development and Strengthens Leadership
TotalEnergies SE, the French‑based integrated oil and gas group listed on NYSE Euronext Paris, has announced two significant final investment decisions (FIDs) that reinforce its upstream gas footprint. The company’s board has also reaffirmed its strategy and extended the mandate of Chairman and Chief Executive Officer Patrick Pouyanne, while a major brokerage has upgraded the stock’s rating.
New FIDs Expand Gas Production
Azerbaijan – Absheron Full Field Development
On 26 September 2026, TotalEnergies, together with partners SOCAR (35 %) and XRG (30 %), announced the FID for the Absheron Full Field Development. The project will boost gas output by 6 billion cubic metres per annum (BCM). The produced gas will feed the domestic Azerbaijani market and will also be exported to Turkey, diversifying the company’s supply footprint and strengthening its position in the Caspian region.
Nigeria – Offshore Gas Project with Amni International
Earlier, on 25 September 2026, TotalEnergies reached an FID for an offshore natural‑gas project in partnership with Amni International and the state oil company NNPC Ltd. Valued at approximately US$800 million, the initiative is among the largest recent investments in Nigeria’s upstream gas sector. The development is expected to contribute substantially to the country’s LNG supply chain, supporting the expansion of existing LNG trains.
Board Endorsement of Strategy and Leadership
During its annual strategic seminar held on 23‑24 September 2026, the Board of Directors reviewed and reaffirmed the relevance of the company’s long‑term strategy. The group expressed confidence in governance and management to continue implementing the plan, which focuses on oil, gas and power production. The board voted unanimously to extend the mandate of Patrick Pouyanne, who holds the dual roles of Chairman and Chief Executive Officer, and to retain the independent leadership of Jacques Aschenbroich. The proposal will be presented at the forthcoming annual general meeting in May 2027.
Market View – HSBC Upgrade
HSBC upgraded TotalEnergies’ rating to “Buy (Hold)” on 25 September 2026, citing a positive outlook for commodity prices. The brokerage set a revised target price of €93, up from the previous €80, reflecting expectations that the company’s continued investment in gas projects and its robust upstream portfolio will translate into stronger earnings.
Company Context
- Sector: Energy
- Industry: Oil, Gas & Consumable Fuels
- Market Capitalisation: €176.6 billion
- Price‑to‑Earnings Ratio: 11.29
- Recent Share Performance: Closed at €79.99 on 24 September 2026, with a 52‑week range of €49.24 to €81.34.
- Segments: Exploration & Production; Gas, Renewables & Power; Refining & Chemicals; Marketing & Services.
TotalEnergies’ focus on expanding gas production through the Absheron and Nigerian projects aligns with its broader strategy to deliver long‑term value to shareholders while supporting the global transition to cleaner energy. The board’s endorsement of leadership continuity and the brokerage upgrade signal market confidence in the company’s trajectory.
