HomeMarket NewsThe Rise of TotalEnergies in Carbon Capture Initiatives and e-Natural Gas Collaboration

The Rise of TotalEnergies in Carbon Capture Initiatives and e-Natural Gas Collaboration

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Acquisition of Talos Energy’s Low Carbon Solutions

TotalEnergies SE TTE recently finalized a deal to purchase Talos Energy Inc.’s TALO Low Carbon Solutions (TLCS) for $148 million.

The acquisition includes Talos’s entire carbon capture and sequestration (CCS) business, encompassing projects like Bayou Bend CCS LLC, Harvest Bend CCS LLC, and Coastal Bend CCS LLC along the U.S. Gulf Coast.

With an effective date of January 1, 2024, the deal was successfully completed on March 18, 2024. Talos President and CEO, Timothy S. Duncan, noted the transaction as a strategic move to optimize their core Upstream business.

Upon completion, TotalEnergies will hold a 25% stake in the Bayou Bend project, joining forces with Chevron Corporation (50%, operator) and Equinor ASA (25%).

Expansion into Carbon Capture Projects

TotalEnergies’ strategic moves extend to owning a 65% operated interest in the Harvest Bend project in Louisiana and a 50% interest in the Coastal Bend project in Texas.

Following the acquisition, TotalEnergies plans to divest from the Coastal Bend and Harvest Bend projects due to their geographical distance from the company’s existing assets.

TotalEnergies’ footprint in the Bayou Bend project, situated near its regional assets along the Texas Gulf Coast, solidifies its commitment to sustainable energy initiatives.

Joining the e-Natural Gas Coalition

In addition to its carbon capture endeavors, TotalEnergies is set to collaborate with industry giants in creating an international alliance to support the production and utilization of e-natural gas (e-NG).

Partnering with ENGIE Brasil Energia SA, Mitsubishi Corp., Osaka Gas Co., Ltd, Sempra Infrastructure, TES, Tokyo Gas Co., Ltd., and Toho Gas Co., Ltd., TotalEnergies aims to establish the “e-NG Coalition.”

Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies, emphasized the company’s role as an e-NG pioneer and its commitment to global coalition efforts for e-NG development.

Price Action and Market Response

Price Action: TotalEnergies’ shares remain steady at $68.11 premarket as of the latest check on Tuesday. 

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