French oil major TotalEnergies is more strategically exposed to Russia “than most others”, according to analysts in Barclays investment banking arm.
The bank’s analysts meanwhile highlighted that high oil prices, at US$110 per barrel and above, will still mean that group cash returns will rise.
Total earlier this week said it would no longer provide capital for new projects in Russia, whilst saying it will “support the scope and strength of the sanctions put in place by Europe and will implement them regardless of the consequences on its activities in Russia.”
Barclays, in a note, said that Total has some US$1.5bn of yearly cash flow from Russia at risk, but more significantly it has 30% stake in Russian LNG projects including the Artic LNG2 project in Siberia which was expected to be an important driver of growth.