REG-TotalEnergies SE United States: TotalEnergies Acquires Talos Low Carbon Solutions, a Pioneer in the Growing American Carbon Storage Industry

TotalEnergies SEAnnouncement

18/03/2024 13:30

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United States: TotalEnergies Acquires Talos Low Carbon Solutions, a Pioneer in
the Growing American Carbon Storage Industry

 

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 CO(2) 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 CO(2) storage, offshore and onshore, covering
about 600 km(2), it could enable the storage of several hundred million tons
of CO(2). 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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