TotalEnergies and Novatek have signed a Memorandum of Understanding (MoU) to jointly work on reducing CO₂ emissions, resulting from the production of liquefied natural gas (LNG). and on using of renewable power energies, according to TotalEnergies’ press release.
The agreement also covers the development of large-scale carbon capture and storage solutions (CCS), energy efficiency, and clean hydrogen and ammonia. This partnership will leverage the significant low-cost resources of the Yamal and Gydan peninsulas and their large potential for geological storage.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, stated: “We are very pleased to begin a new chapter in our cooperation with our long-standing strategic partner Novatek. Our two companies are joining forces to deliver sustainable solutions to reduce emissions from our LNG projects and to provide low carbon LNG to our customers.”
Pouyanné also added: “In line with our transformation strategy and our ambition to be a major player in the energy transition, we want to be a leader in low-carbon LNG.”
It is worth noting that, TotalEnergies holds a 19.4% stake in Novatek and a 20% stake in the Yamal LNG project. The company also holds a 10% stake in Arctic LNG 2, a project currently under construction and on track to deliver its first LNG cargo in 2023.