TotalEnergies and Novatek Sign Russian MoU

TotalEnergies and natural gas producer Novatek have signed a Memorandum of Understanding (MoU) in Russia to jointly reduce carbon emissions from natural gas projects, including through investment in renewable energy.

The companies say they will also look at developing large-scale carbon capture and storage (CCS) solutions and explore new opportunities for developing decarbonised hydrogen and ammonia.

They say the partnership will leverage the significant low-cost resources of the Yamal and Gydan peninsulas and their large potential for geological storage.

TotalEnergies chairman and chief executive Patrick Pouyanne said: "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.

“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.”