LONDON. ENGLAND — “France’s Total has ruled out for now any new acquisitions in the US shale sector as prices, especially for shale gas, remain low and the company operates at one project at a loss.
Total has joint ventures in the US with Chesapeake Energy in the Barnett gas shale in Texas and the liquids-rich Utica shale in Ohio.
However, gas prices have slumped given the major increase in production in recent years.
‘Honestly, we’re losing money on Barnett [shale],’ Total CFO Patrick de la Chevardiere said at a briefing 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 added.”
— Stuart Elliott, Platts