French oil giant TotalEnergies has partnered with Russian natural gas producer Novatek to jointly work on sustainable reductions of the CO₂ emission resulting from the production of liquefied natural gas (LNG).
The two companies signed a Memorandum of Understanding (MoU) to explore and develop projects to decarbonise the LNG value chain using renewable sources of power, large-scale carbon capture and storage (CCS), energy efficiency and clean hydrogen and ammonia.
“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,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies, on the occasion of his visit to the Saint Petersburg International Economic Forum. “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.”
Both companies intend to leverage the significant low-cost resources of the Yamal and Gydan peninsulas, both on the Siberian coast, and their large potential for geological storage, TotalEnergies said.
TotalEnergies holds a 19.4% stake in Novatek and a 20% stake in the Yamal LNG project.
