Total to increase investments in renewable energy production

PARIS (Reuters) – French oil and gas major Total on Wednesday said it would hike its annual investments in renewable energy by 50% to $3 billion as it cuts its dependence on oil and aims to become a major low-carbon energy producer.

The group said in a statement it sales of oil products would shrink by 30% over the next 10 years, and will represent a third of its revenue by that stage, while 15% will come from electricity, 50% from gas and another 5% from biofuels.

Faced with gloomy long-term prospects for oil demand, Total has been accelerating a push into alternative sources of revenue, with a particular focus on providing electricity and expanding its renewable energy business.

(Reporting by Sarah White and Benjamin Mallet in Paris, and Shadia Nasralla and Ron Bousso in London, editing by Louise Heavens)