French energy group TotalEnergies, formerly known as Total, has signed an MoU with Novatek on reducing CO2 emissions from their LNG operations in Russia. The two firms will develop large-scale carbon capture and storage (CCS) solutions, explore the use of renewable power, and study opportunities for the development of low-carbon hydrogen and ammonia. TotalEnergies said the partnership would leverage the low-cost gas produced in the Yamal and Gydan peninsulas in Russia. These regions’ geology also has a big potential for carbon storage, the company added.
TotalEnergies CEO Patrick Pouyanné said the MoU aligns with the company’s transformation strategy to become a leader in low-carbon LNG. TotalEnergies owns a 19.4% stake in Novatek and a 20.0% equity stake in Yamal LNG. Yamal LNG started up in 2017, and last year, it produced 18.8 million tons of LNG. TotalEnergies also owns a 10% stake in Arctic LNG 2, which is currently under construction and slated for the first production in 2023.
