TotalEnergies expects to increase its dividends over the next five years on the back of a buoyant energy market and a disciplined approach to oil, gas and renewables investments.

Ahead of a strategy day being held in New York today, the French supermajor released a statement that outlined its financial expectations for the coming years based on board meetings on 22 and 28 September.

As a result of focusing on oil and gas assets and projects at a development cost of under $20 per barrel, having a liquefied natural gas growth strategy (where it aims to be a top three player), boosting investment in electricity generation (mainly renewables) with the ambition to be in the global top five, TotalEnergies said it is in “a very favourable position to benefit from the evolution of energy markets”.