Third oil giant backs Texas CCS project

By Carlos Anchondo | 03/19/2024 06:48 AM EDT

TotalEnergies will join Chevron and Equinor as developers of the Bayou Bend project, which aims to transport and store CO2 from industrial emitters.

TotalEnergies CEO Patrick Pouyanné.

TotalEnergies CEO Patrick Pouyanné speaks last year in Paris. Emmanuel Dunand/AFP via Getty Images

TotalEnergies will soon own a 25 percent share in a major carbon capture project in Texas, adding a third oil giant to the proposal’s list of developers.

The French company announced Monday that it is acquiring the carbon capture and storage subsidiary of Talos Energy. The sale — valued at approximately $148 million — will hand TotalEnergies a stake in the proposed Bayou Bend CCS project, according to a press release from Houston-based Talos.

The project aims to transport and store carbon dioxide from industrial emitters around the Houston Ship Channel and southeastern Texas. Chevron owns 50 percent of the project and Norwegian firm Equinor owns a 25 percent stake, which the company purchased in August.


TotalEnergies CEO Patrick Pouyanné pointed to the proximity of the Bayou Bend project to the company’s oil refinery in Port Arthur, Texas, and its petrochemical assets in La Porte, around 30 miles east of Houston.