Total SA has no plans to make any more US shale acquisitions, at least for now, because the French oil and gas company already is satisfied with its international shale oil and gas holdings, executives said.
Currently, Total E&P USA Inc. has joint ventures with Chesapeake Energy Corp. in the Barnett gas shale in Texas and the liquids-rich Utica shale in Ohio (OGJ Online, Jan. 3, 2012).
“Honestly, we’re losing money on Barnett," Patrick de la Chevardiere, Total chief financial officer, said during a Sept. 24 investors presentation in London. “I’m not saying we’ll never do any more acquisitions in US shale gas and oil, but today we have a good balance between shale oil and gas, plus acreage in Argentina,” he stated.
Total has interests in four blocks in the Neuquen basin in partnership with Argentina’s YPF (OGJ Online, Jan. 14, 2011).