TotalEnergies has acquired a 45% interest in Eagle Ford Shale dry gas assets owned and operated by Lewis Energy Group, Paris-based Total said Sept. 27. The deal is the second this year by the company in South Texas.
The acquisition of the low cost, “long plateau” assets further strengthens TotalEnergies’ integration across the gas value chain in the U.S., the company said. The company did not disclose financial details of the transaction.
Located in Southwest Texas, the acquired assets have the potential to be developed to reach a sustainable gross production of around 400 MMcf/d by 2028, the company said.
The deal follows an April acquisition, also from seller Lewis Energy, in which Total purchased a 20% interest in the Eagle Ford’s Dorado Field. The field is operated by EOG Resources, which owns the remaining 80% interest. Total described that deal as having the potential to add 50 MMcf/d by 2028.
“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. “We are delighted to partner with Lewis Energy Group, a well-renowned and highly efficient gas operator with an historical footprint in South Texas.”
TotalEnergies, which exported more than 10 million tons (MMton) of LNG in 2023, said it is the largest LNG exporter in the U.S. The company holds a 16.6% stake in the Cameron LNG plant in Louisiana and several long-term purchasing agreements. The company’s U.S. LNG export capacity is expected to reach 15 MMton/year by 2030.
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