HJBC/iStock Editorial via Getty Images TotalEnergies (TTE +1.7%) points to potentially higher spending during the next three years, raising the upper limit of its annual capex target by $1B to $16B for 2023-25, it says in a new investor presentation. While some of the spending could come from clean energy projects, TotalEnergies will use the leeway to revive extension of hydrocarbon fields in countries such as Angola which had been put on hold during the pandemic, CEO Patrick Pouyanne said, according to Bloomberg. The company also may revisit gas projects in the North Sea as Europe seeks to reduce dependence on fuel imports from Russia, as "some European states are asking us if we could produce more domestically," Pouyanne said. Also, in its 2021 annual report, TotalEnergies details a combined exposure of €1.1B (~$1.2B) to its stakes in the Yamal LNG and Arctic LNG 2 programs in Russia. "It is specified that TotalEnergies granted guarantees in its capacity as shareholder for the benefit of lenders to cover its share of the debt under the financings of the Yamal LNG and Arctic LNG 2 projects," the company said in the report, noting the "amount of the guarantee that could be called, if applicable," on Yamal LNG is ~€400M and on Arctic LNG 2 is ~€700M. The company holds a 20% stake in the Yamal LNG project and a 10% interest in Arctic LNG 2, which is scheduled to start production next year. TotalEnergies said this week that it will stop purchasing oil and petroleum products from Russia by the end of the year, but will not withdraw from assets held in the country.