Total Forms Shale JV with Chesapeake

Total says its subsidiary Total Exploration & Production USA (Total E&P) has entered into a joint venture with Chesapeake Exploration to acquire a 25% share in Chesapeake’s liquids-rich area of the Utica shale play located across 10 counties on the eastern side of Ohio. Total has paid Chesapeake and its affiliate EnerVest (Houston) about $700 million in cash for acquiring the assets.   The jv covers 619,000 net acres, of which 542,000 net acres are owned by Chesapeake and 77,000 net acres are owned by EnerVest. Total will acquire its 25% share...

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