NOVATEK and TotalEnergies sign MOU on decarbonization, hydrogen and renewables
As part of today’s Saint-Petersburg International Economic Forum, in the presence of Minister of Energy of the Russian Federation Nikolay Shulginov, PAO NOVATEK and a subsidiary of TotalEnergies SE signed a Memorandum of Understanding on decarbonization, hydrogen and renewables, NOVATEK says in a press release.
The Parties intend to cooperate on reducing greenhouse gas emission at joint projects by implementing carbon capture and storage technologies and utilizing renewable energy sources at joint LNG projects. In addition, the MOU considers the production and usage of hydrogen as a low-carbon fuel, as well as the marketing of carbon-neutral products including LNG.
Specifically, technical solutions will be considered to improve the efficiency of power generation for LNG production, including using waste heat utilization technologies. The MOU also envisages developing and deploying technologies to convert gas turbine equipment to hydrogen fuel. Furthermore, the Parties also agreed to work on solutions for the construction of wind power generation facilities and other renewable energy sources to reduce the carbon footprint of LNG projects.
“With our long-term partner TotalEnergies, we are implementing technical solutions to reduce our carbon footprint on our Yamal LNG and Arctic LNG 2 projects and increase the competitiveness of our LNG products,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “Our long-term goal is to provide the global markets with affordable, secure and low-carbon natural gas, and the cooperation with TotalEnergies and our partners is one way for us to contribute to the decarbonization of the global energy industry.”
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol “NVTK”.
