TotalEnergies Adds to U.S. Presence With Stake in Texas Gas Assets
By Christian Moess Laursen
TotalEnergies signed an agreement with Lewis Energy Group to buy a 45% stake in gas producing assets it owns and operates in the Eagle Ford basin in Texas, as it moves to strengthen its gas production in the U.S.
The French oil giant said Friday that the acquisition of these low-cost, long-plateau assets furthers supports its integration across the gas value chain in the U.S.
The assets have the potential to be reach a sustainable gross output of around 400,000 cubic feet a day by 2028.
No financial details were disclosed.
The deal follows the pact to buy a 20% interest in the south Texas gas company's Dorado field, also located in the Eagle Ford basin, announced in April.
Last year, TotalEnergies was the largest exporter of liquefied natural gas to the U.S with more than 10 million cubic feet a day.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
September 27, 2024 02:54 ET (06:54 GMT)
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