French energy group TotalEnergies said on Wednesday that it would increase returns to shareholders and planned to raise its oil and gas production by 2 to 3% per year over the next five years.

The group said at an investor day that it expects to distribute about 44% of its cash flow to shareholders in 2023 and set a target of more than 40% beyond 2023.

TotalEnergies also announced positive results at an exploration well in Namibia, to be confirmed by another flow test, and said further appraisal wells and prospects would be drilled.

Analysts had said they were particularly keen to hear more about the French energy group’s recent exploration activity offshore Namibia – which has no oil and gas output now but could become one of the top 15 oil producers by 2035.

It also announced share buybacks of $9 billion in 2023, adding that it hoped for cash flow to be $10 billion higher in 2028 compared to 2021.

REUTERS