TotalEnergies [TTE:FP] has signed an agreement to acquire a 100% stake in Talos Low Carbon Solutions (TLCS), a carbon capture and storage (CCS) unit of energy company Talos [TALO:US], as reported by ESG Today on March 18. Through the transaction valuing USD148m, TotalEnergies will get a 25% stake in Bayou Bend CCS, a major carbon dioxide (CO2) storage project along the Texas Gulf Coast. In addition, Talos also holdsshares in other two carbon storage projects within the region, including the Harvest Bend CCS and Coastal Bend CCS. However, TotalEnergies said it would spin off the latter two projects upon completion of the acquisition, as they are farther away from the company’s assets.

TotalEnergies views its involvement in the Bayou Bend project, situated close to its refinery and petrochemical facilities in Texas, as a pivotal move to reduce direct emissions from its US operations. The project covers about 600 square kilometers and is capable of storingseveral hundred million tons of CO2. The acquisition forms part of TotalEnergies’ plan to develop a CO2 storage capacity of more than 10 million tons per year by 2030. In an effort to achieve net-zero emissions by 2050, TotalEnergies will focus on avoiding emissions, employthe best available technologies to reduce emissions, and develop industrial carbon storage projects to eliminate residual emissions.

Sources:

https://www.esgtoday.com/totalenergies-acquires-carbon-capture-business-from-talos-energy-for-148-million/

https://totalenergies.com/media/news/press-releases/united-states-totalenergies-acquires-talos-low-carbon-solutions-pioneer