TotalEnergies acquires US carbon storage player
USA
PORT ARTHUR, March 18, 2024 – TotalEnergies has agreed to acquire Talos Low Carbon Solutions, a US carbon storage company, the French energy giant announced on Monday.
The deal is valued at USD 148 million, according to Talos Low Carbon Solutions’ parent company, US offshore E&P player Talos Energy.
The acquisition will give TotalEnergies a 25% share in the Bayou Bend CO2 storage project in Texas, working alongside Chevron (50%, operator) and Equinor (25%).
The deal will also give the French company a 65% operated interest in Louisiana’s Harvest Bend project and a 50% interest in Texas’s Coastal Bend project.
The announcement focused on the Bayou Bend project, a 600-square-kilometre carbon transportation and storage development located at the major industrial corridor of the Houston Ship Channel and Beaumont-Port Arthur region. The project could allow for the storage of several hundred million tonnes of CO2, TotalEnergies said.
“Ideally located close to our Port Arthur refinery and our petrochemicals assets in La Porte, [the Bayou Bend project] will be instrumental for the reduction of direct emissions from our US operations,” TotalEnergies chairman and CEO Patrick Pouyanné said.
TotalEnergies operates the 185,000-bpd Port Arthur refinery with a 100% stake.
Photo courtesy of TotalEnergies.
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