By AFP
December 9, 2025
Oil giant ExxonMobil is dialing back low-carbon investments - Copyright GETTY IMAGES NORTH AMERICA/AFP/File Michael M. Santiago
ExxonMobil is slowing medium-term investments in low-carbon ventures by some $10 billion compared with its outlook a year ago, the oil giant announced Tuesday.
The US petroleum company expects to spend about $20 billion in low-emission investments between 2025 and 2030, according to its annual corporate plan.
The equivalent forecast last December estimated $30 billion in spending over the same period.
Investments in low-carbon solutions “will continue to be contingent on the development of supportive policy and broader market formation, balancing risks and opportunities to ensure strong returns and delivery of shareholder value,” the company said in a press release.
Under either investment scenario, the low-carbon ventures represent a small percentage in the company’s overall capital budget, which is still heavily tilted towards conventional fossil fuels. ExxonMobil’s capital budget will range between $27 and $32 billion annually over that stretch.
An ExxonMobil slide presentation listed seven US Gulf Coast carbon capture and storage (CCS) projects at various stages of development. The projects remove carbon dioxide gas from industrial sites, transports it through pipelines and injects it deep underground.
“We have seen CCS really start to pick up in terms of customer interest,” said Chief Financial Officer Kathy Mikells, who added on a company webcast that the hydrogen market has been “more slowly developing that we originally expected.”
ExxonMobil’s outlook also lifted the company’s overall forecast for earnings growth and cash by $5 billion over the same period, citing the boost from lower operating costs.
TotalEnergies in deal for Namibia offshore oil field
By AFP
December 9, 2025
TotalEnergies will join Portuguese firm Galp to operate Namibia's Mopane oil field, which could contain at least 10 billion barrels, according to estimates - Copyright GETTY IMAGES NORTH AMERICA/AFP Andrew Harnik
TotalEnergies said Tuesday it had reached a deal to become a partner in the Mopane oil field off the coast of Namibia, where exploration remains underway.
The deal with Galp will see TotalEnergies joining the Portuguese firm as an operator as more exploration wells are drilled in view to develop the field for production.
“The transaction positions TotalEnergies as the operator of the two largest oil discoveries in Namibia and opens the way for the development of a major producing hub, generating long-term value for the country and partners,” the French firm said in a statement.
Galp said last year it estimated the Mopane field could contain at least 10 billion barrels of oil.
The deal will see TotalEnergies take a 40 percent stake in the petroleum exploration licence that includes Mopane. Galp will retain a 40 percent stake, alongside the Namibian national oil company Namcor and private firm Custos, which each hold 10 percent stakes.
In exchange, TotalEnergies will finance half of Galp’s capital expenditures for exploration and appraisal of the Mopane field, as well as initial development, with repayment to come from future cash flows from the project.
Galp will also get a 10 percent stake in the nearby Venus exploration zone, where TotalEnergies has discovered oil.
TotalEnergies said it hopes to make a final investment decision on whether to develop production at Venus next year.
TotalEnergies shares were up 0.4 percent in afternoon trading on the Paris stock exchange, where the blue-chip CAC 40 index was down 0.6 percent.
By AFP
December 9, 2025
TotalEnergies will join Portuguese firm Galp to operate Namibia's Mopane oil field, which could contain at least 10 billion barrels, according to estimates - Copyright GETTY IMAGES NORTH AMERICA/AFP Andrew Harnik
TotalEnergies said Tuesday it had reached a deal to become a partner in the Mopane oil field off the coast of Namibia, where exploration remains underway.
The deal with Galp will see TotalEnergies joining the Portuguese firm as an operator as more exploration wells are drilled in view to develop the field for production.
“The transaction positions TotalEnergies as the operator of the two largest oil discoveries in Namibia and opens the way for the development of a major producing hub, generating long-term value for the country and partners,” the French firm said in a statement.
Galp said last year it estimated the Mopane field could contain at least 10 billion barrels of oil.
The deal will see TotalEnergies take a 40 percent stake in the petroleum exploration licence that includes Mopane. Galp will retain a 40 percent stake, alongside the Namibian national oil company Namcor and private firm Custos, which each hold 10 percent stakes.
In exchange, TotalEnergies will finance half of Galp’s capital expenditures for exploration and appraisal of the Mopane field, as well as initial development, with repayment to come from future cash flows from the project.
Galp will also get a 10 percent stake in the nearby Venus exploration zone, where TotalEnergies has discovered oil.
TotalEnergies said it hopes to make a final investment decision on whether to develop production at Venus next year.
TotalEnergies shares were up 0.4 percent in afternoon trading on the Paris stock exchange, where the blue-chip CAC 40 index was down 0.6 percent.
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