Biomass torrefaction is a thermochemical pretreatment that can be used to improve biomass properties, contributing to the energy densification of biomass or increasing its grindability, burning and gasification characteristics, porous structure, etc. While it is typically carried out under inert conditions, oxygen-lean torrefaction of biomass can reduce the process cost and complexity. This work proposes a novel extended 2-step kinetics mechanism capable of accurately predicting the evolution of the chemical composition of torrefied biomass. The model parameters are obtained from data collected from an extensive experimental campaign in which the chemical composition of torrefied biomass was measured at different temperatures, residence times, and oxygen fractions. The carbon mass fraction of the torrefied products was found to increase by up to 50 % under severe inert torrefaction conditions, i.e., high temperatures and long residence times, whereas the hydrogen fraction decreased. In the presence of oxygen during torrefaction, the carbon and hydrogen contents in the solid residue decrease compared with those produced under inert torrefaction. The extended 2-step model can also be used to determine the high heating value and energy densification of the torrefied biomass, with the latter ranging from 1 to 1.4 for the operating conditions tested.