NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By Mark Segal

TotalEnergies and Houston, Texas-based energy exploration and production company Talos Energy announced today the acquisition by TotalEnergies of Talos’ carbon capture and storage (CCS) business, Talos Low Carbon Solutions, for a total transaction value of $148 million.

TotalEnergies has set a climate goal to achieve net zero emissions by 2050, and the company said that its focus is first to avoid emissions, and then to reduce them asset by asset, implementing the best available technologies, and to develop industrial projects for carbon storage to address residual emissions. The company has set a goal to develop CO2 storage capacity of more than 10 Mt per year from 2030, for its own facilities and its customers.