TotalEnergies Expands Decarbonization Efforts Through Partnership with Oil India Limited

TotalEnergies SE TTE shares are trading lower on Tuesday. The company inked a Cooperation Agreement with Oil India Limited (OIL) to use TotalEnergies’ AUSEA technology for methane emissions detection and measurement at OIL sites in India.

Recently, state-owned enterprise OIL joined the Oil and Gas Decarbonization Charter (OGDC), a global industry initiative launched at COP28, co-chaired by TotalEnergies CEO.

The OGDC aims to achieve net-zero operations by 2050, near-zero upstream methane emissions, and zero routine flaring by 2030.

TotalEnergies supports these efforts by sharing its AUSEA technology to help OGDC signatories detect, measure, and reduce methane emissions.

Patrick Pouyanné Chairman and CEO of TotalEnergies said, “This is a clear demonstration that the Oil & Gas Decarbonization Charter launched at COP28 has gained momentum, thanks to the promotion of industrial best practices. Today, AUSEA performs campaigns on every continent and contributes to the OGDC signatories’ ambition to aim at near-zero upstream methane emissions by 2030.”

Ranjit Rath, Chairman & Managing Director of OIL, added, “By joining our peers in the OGDC, OIL reiterates India’s commitment to the global community, while underscoring OIL’s dedication to reducing emissions. OIL is pleased to be collaborating with TotalEnergies, an industry pioneer in methane emissions detection and measurements”.

Last week, TotalEnergies, along with major oil companies, committed $500 million to improve energy access in underserved regions, targeting UN Sustainable Development Goal 7 goals.

Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF EIPX and Octane All-Cap Value Energy ETF OCTA.

Price Action: TTE shares are down 0.80% at $60.86 at the last check Tuesday.

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