TotalEnergies Goes Both Ways: Fighting Emissions While Investing In Exploration

TotalEnergies SE TTE shares are up today as the company penned two major deals.

The energy company penned a cooperation agreement with Oil and Natural Gas Corporation (ONGC) in India to carry out methane emissions detection and measurement campaigns.

TotalEnergies will use its AUSEA (Airborne Ultralight Spectrometer for Environmental Applications) technology to reduce methane emissions in India and help the country achieve its target of zero methane emissions by 2030.

This collaboration is also at par with TotalEnergy’s target of reducing methane emissions by 50% by 2025, with the ambition to reach this target a year early, in 2024, and by 80% in 2030 (vs. 2020).

Also Read: TotalEnergies Shares Dip – Reportedly Explores Sale Of 50% Stake In Whopping $2.5B Renewable Portfolio

Apart from this, the company inked a binding agreement with Vantage Drilling International to create a new joint venture (JV) to acquire from Vantage the Tungsten Explorer drillship.

As per the deal, TotalEnergies will pay $199 million for a 75% interest in the JV owning the rig, while Vantage owns the remaining 25%. Also, Vantage will operate the Tungsten Explorer for 10 years.

Patrick Pouyanné, Chairman and CEO of TotalEnergies said, “TotalEnergies is pleased to enter into this agreement with Vantage to take shared ownership of a drillship, the Tungsten Explorer, which we already used in exploration and development activities in Namibia, Cyprus and Congo.” 

Also Read: Beyond Oil: TotalEnergies Doubles Down On Renewables, Gas

Price Action: TTE shares are trading higher by 2.14% at $65.24 on the last check Tuesday.