TotalEnergies Buys More Gas Assets in Texas to Boost Value Chain

(Reuters) — France's TotalEnergies expands its natural gas footprint in the United States through a deal reached with Lewis Energy Group to acquire a 45% stake in some dry gas producing assets in the Eagle Ford basin in Texas, the company said on Friday.

TotalEnergies' is one of the top exporters of U.S.-made Liquified Natural Gas (LNG), facing particularly high demand as many countries in Europe and elsewhere shift away from coal and cheap Russian gas imports.

"This acquisition further strengthens our upstream gas position in the United States and contributes to our integrated LNG position with a low-cost upstream gas supply," said Nicolas Terraz, President, Exploration and Production at TotalEnergies.

This deal is the second acquisition of non-operated shale gas assets in Southwest Texas this year.

The added assets have the potential to reach a gross production of around 400 million cubic feet per day (Mcf/d) by 2028. TotalEnergies' overall U.S. LNG export capacity is expected to reach 15 million tons per year (Mt/y) by 2030.

Related News

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}