Total walking away from PRL’s hydrogen ambitions isn’t because...

Total walking away from PRL’s hydrogen ambitions isn’t because they are difficult to work with or there is something wrong with Total - PRL inferring this is just them attempting to spin their way out of a negotiating failure and a shift in industry sentiment favouring subsidized US H2 investment over Aus-based (it’s quite bizarre imo how investors are lapping up that spin too, but I’ll leave that for the PRL thread to debate).

TotalEnergies would still be a great partner for Vulcan imo - much more aligned than most O&G operators. They have, via Total Eren (which they’ll soon take 100% control of this year), focussed their renewables efforts more towards solar/wind so geothermal would be something of a pivot for them, but certainly not outside of the realms of possibility.

Alternatively, a major expansion in the partnership with (and perhaps with an equity stake from) Enel would make sense for Vulcan. Italy’s Enel is widely regarded as a world leader in geothermal generation electricity supply.

https://www.enel.com/media/explore/search-press-releases/press/2022/07/enel-green-power-and-vulcan-energy-join-forces-on-geothermal-lithium-projects

~€207 billion in assets, ~€88 billion in revenue (2021).