TotalEnergies strengthens U.S. upstream portfolio with Eagle Ford natural gas acquisition

(WO) – TotalEnergies has signed an agreement with Lewis Energy Group to acquire a 45% interest in dry gas producing assets owned and operated by Lewis Energy Group in the Eagle Ford basin in Texas. The acquisition of these low-cost and long plateau assets further strengthens TotalEnergies’ integration across the gas value chain in the U.S., and follows the Texas Dorado acquisition announced in April 2024.

Located in Southwest Texas, the acquired assets have the potential to be developed to reach a sustainable gross production of around 400,000 cfgd by 2028.

This is the second acquisition of non-operated shale gas assets in 2024 after the purchase of non-operated interest in the Dorado asset, located in the Eagle Ford basin and which was purchased from Lewis Energy Group earlier this year. TotalEnergies operates a technical production of around 500,000 cfgd in the Barnett.

With over 10 million tons exported in 2023, TotalEnergies is the largest exporter of U.S. LNG, thanks to its 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 MMtpa by 2030.

“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 & Production at TotalEnergies.

TotalEnergies is deploying its integrated energy model across the United States, where it has been active since 1957. With over 10 million tons of output in 2023, TotalEnergies is the leading exporter of U.S. LNG and plans to increase its capacity to 15 MMtpa after the start-up of the Rio Grande LNG plant in South Texas. TotalEnergies is integrated throughout the LNG value chain, with upstream gas production assets in Texas and offshore in the Gulf of Mexico.