TotalEnergies to Acquire Stake in Eagle Ford Basin Assets

SEATTLE (Oil Monster): Major French energy company TotalEnergies said it had concluded a deal with Lewis Energy Group to buy a 45% share in dry gas producing properties in the Texas Eagle Ford basin. The acquisition will improve its integration of the gas value chain throughout the United States.

RELATED NEWS:

TotalEnergies Reached Long-Term Natural Gas Supply Deal with China

TotalEnergies Announced Withdrawal from South African Gas Fields

This is the second time this year that the corporation has bought non-operated shale gas properties. Lewis Energy Group sold it a non-operated stake in the Dorado facility earlier. Estimates indicate that the company operates 500 Mcf/d of technical production in the Barnett formation. By the end of the current decade, it hopes to increase its capacity for exporting LNG from the United States to 15 million tonnes annually (Mt/y).

Commenting on the development, Nicolas Terraz, President of Exploration & Production at TotalEnergies noted that the acquisition will help the company to boost its upstream gas position in the U.S. Furthermore, he said, the acquisition will complement the company's integrated LNG strategy by providing a cost-effective upstream gas supply. It should be mentioned that the company's previously disclosed Integrated Power plan places a strong emphasis on the United States.