Talos Low Carbon Solutions, the subsidiary of the US’s Talos Energy, has been acquired by France’s TotalEnergies for US$148 million, the latter has announced.

The deal will see TotalEnergies increase its shareholding in the Bayou Bend carbon capture and storage project in Texas to 25%, its stake in the Harvest Bend CCS project in Louisiana to 65%, and its stake in the Coastal Bend CCS project in Texas to 50%. However, after acquiring the latter two, TotalEnergies plans to divest its stakes in them, keeping only the Bayou Bend CCS holding, which it considers a “world class” opportunity for CCS business.

TotalEnergies head Patrick Pouyanné said of the project that it “will be instrumental for the reduction of direct emissions from our US operations”.