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TotalEnergies SE (NYSE:TTE) disclosed the acquisition of the 20% stake held by Lewis Energy Group in the Dorado leases operated by EOG Resources, Inc.(NYSE:EOG) (80%) in the Eagle Ford shale gas domain.
This move is expected to increase TotalEnergies’ natural gas production capacity in Texas and further strengthen its business integration in the U.S. liquefied natural gas (LNG) value chain.
Notably, the acquisition will aid the company in increasing its net U.S. natural gas production by 50 million cubic feet a day (Mcf/d) in 2024, with the potential for an additional 50 Mcf/d by 2028.
In 2023, TotalEnergies’ net U.S. natural gas output reached around 340 Mcf/d (450 Mcf/d technical production) and was the number one exporter of U.S. LNG.
By 2030, the company’s LNG export capacity is projected to reach 15 Mt per year, following the start-up of the first phase of the Rio Grande LNG project in Texas, currently under construction.
Apart from this, the French oil and gas giant disclosed that a planned new LNG project in Papua New Guinea is projected to keep working with contractors to get commercially viable EPC contracts and will require more work to reach a final investment decision (FID).
Consequently, the company anticipates the FID of the Papua LNG project in 2025.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, and Prime Minister of Papua New Guinea, agreed that this slight delay will not affect the early works planned in the region in 2024.
Moreover, Patrick Pouyanné announced that TotalEnergies intends to drill the first deepwater exploration well on the PPL 576 license in 2025.
Also Read: TotalEnergies Charges Up Belgium’s Battery Storage Capacity With A New Project
Price Action: TTE shares are up 0.18% at $73.00 premarket on the last check Monday.
