Total Enters US Gas Shale Through Chesapeake JV

Unconventional US gas specialist Chesapeake Energy has formed a US$2.25bn joint venture (JV) with French major Total to develop assets in the Barnett Shale Basin in north Texas. Under the deal announced on January 4, Total will pay US$800mn in cash and fund US$1.45bn-worth of drilling activities in return for a 25% interest in Chesapeake's upstream Barnett properties.

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