TotalEnergies CEO Patrick Pouyanné said during CERAWeek by S&P Global that Texas was important for his company, which he jokingly called “El Dorado” — a reference to the fabled city of gold — due to the state’s love for crude oil, natural gas and renewables.

Pouyanné, speaking in Houston during a plenary session with S&P Global Vice Chairman Daniel Yergin, said the Paris-based energy giant has taken several steps in Texas, including investing in the Rio Grande LNG project and integrating its energy position with more upstream gas production.

“It’s part of [TotalEnergies’] transition strategy and the investments we do are in the energy value chain where we are amongst the top players in the world,” Pouyanné said.

Pouyanné said TotalEnergies has targeted Texas for investment “because you have the cheapest gas on the planet … so it sets a benchmark for many projects, so you can be efficient.”

Pouyanné said the Texas market was also important as TotalEnergies tries to integrate its LNG business and push upstream as well.

“In the U.S. you have large spaces in Texas,” Pouyanné said, adding that if someone wanted to build an 800-megawatt solar park it could be done.

Finally, Pouyanné said other attractions to Texas included electricity market, as well as Texas’ growing population.

“As a European company, investing in the U.S. is quite a safe place,” he said. “In Europe it is tough.”

Comments