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TotalEnergies signs carbon capture and renewables deals with Petronas

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TotalEnergies signs carbon capture and renewables deals with Petronas

TotalEnergies has signed deals with Petronas to develop carbon capture in depleted fields in Malaysia and build a solar farm in Australia to decarbonize an LNG plant, Patrick Pouyanné, Chairman & CEO of TotalEnergies, said on the sideline of the Energy Asia 2023 conference in Malaysia.

Source: S&P Global

The solar investment in Australia would be with Gentari, the renewable energy arm of Petronas, said Pouyanné.

"Gas is essential to energy, LNG in particular," he said, adding that TotalEnergies was the third largest LNG company in the world and managed around 12% of the world market in 2022 which amounted to around 48 million mt.

Asia is key to the growth of the LNG market, although last year most of the growth was in Europe because of market events. He highlighted that fundamentally the growth is in China, Korea, Japan, Vietnam and all the Asian countries.

We need electricity. We don't need only renewables. Renewables is part of the way to produce electricity, but the right combination for the future is gas and renewables.

Patrick Pouyanné, Chairman & CEO of TotalEnergies

Pouyanné said with the energy transition, the growing market will also be electricity.

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