United States: TotalEnergies Acquires Talos Low Carbon Solutions, a Pioneer in the Growing American Carbon Storage Industry
March 18 2024 - 9:25AM
Business Wire
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed an
agreement to acquire 100% of Talos Low Carbon Solutions (TLCS), an
early-mover American company focused on carbon capture and
storage.
After completion of the transaction, TotalEnergies will own a
25% share in the Bayou Bend project, alongside Chevron (50%,
operator) and Equinor (25%). Bayou Bend project is a major CO2
storage project located along the Texas Gulf Coast, close to the
Company’s assets in the region. TotalEnergies will also own a 65%
operated interest in the Harvest Bend (Louisiana) project and a 50%
interest in the Coastal Bend (Texas) project. With Coastal Bend and
Harvest Bend being located farther away from the Company’s other
existing assets, TotalEnergies’ intention is to divest its interest
in these two projects after closing.
The Bayou Bend project is a carbon transportation and storage
solution for industrial emitters located in the Houston Ship
Channel and Beaumont – Port Arthur region, one of the largest
industrial corridors in the United States. Comprising licenses
dedicated to CO2 storage, offshore and onshore, covering about 600
km2, it could enable the storage of several hundred million tons of
CO2. Thanks to its location, its size and favorable geological
characteristics, Bayou Bend is a world-class opportunity for the
development of the CCS business.
"TotalEnergies is pleased to enter the Bayou Bend project
through the acquisition of Talos Low Carbon Solutions. Ideally
located close to our Port Arthur refinery and our petrochemicals
assets in La Porte, this project will be instrumental for the
reduction of direct emissions from our US operations. This
transaction gives momentum to the decarbonization of hard-to-abate
US emissions and marks a milestone on our journey to get to Net
Zero by 2050, together with society”, said Patrick Pouyanné,
Chairman and CEO of TotalEnergies.
***
About TotalEnergies and Carbon Storage TotalEnergies’
focus is first to avoid emissions and then to reduce them by
developing and deploying a systematic approach, asset-by-asset, to
implement the best available technologies. For residual emissions,
the Company is developing industrial projects for carbon storage.
Backed by core competencies in large-scale project management, gas
processing and geosciences, TotalEnergies is on track to enable
significant decarbonization of European businesses through projects
such as Northern Lights in Norway, Aramis in the Netherlands and
Bifrost in Denmark.
About TotalEnergies TotalEnergies is a global
multi-energy company that produces and markets energies: oil and
biofuels, natural gas and green gases, renewables and electricity.
Our more than 100,000 employees are committed to energy that is
ever more affordable, more sustainable, more reliable and
accessible to as many people as possible. Active in nearly 130
countries, TotalEnergies puts sustainable development in all its
dimensions at the heart of its projects and operations to
contribute to the well-being of people.
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Cautionary Note The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate
TotalEnergies SE and the consolidated entities that are directly or
indirectly controlled by TotalEnergies SE. Likewise, the words
“we”, “us” and “our” may also be used to refer to these entities or
to their employees. The entities in which TotalEnergies SE directly
or indirectly owns a shareholding are separate legal entities. This
document may contain forward-looking information and statements
that are based on a number of economic data and assumptions made in
a given economic, competitive and regulatory environment. They may
prove to be inaccurate in the future and are subject to a number of
risk factors. Neither TotalEnergies SE nor any of its subsidiaries
assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this
document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the
most recent Universal Registration Document, the French-language
version of which is filed by TotalEnergies SE with the French
securities regulator Autorité des Marchés Financiers (AMF), and in
the Form 20-F filed with the United States Securities and Exchange
Commission (SEC).
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