SEATTLE (Oil Monster): Leading international integrated energy provider TotalEnergies said it has reached a deal with Continental Resources to purchase a 49% stake in natural gas-producing properties in Oklahoma's Anadarko Basin. The deal's financial details were not made public.
A net gas production of about 150 million standard cubic feet per day (MMscfd) will be secured by TotalEnergies thanks to the purchase. The potential gross production of the assets purchased by TotalEnergies is around 350 MMscfd. The company's integration throughout the U.S. liquefied natural gas (LNG) value chain will be strengthened by the midstream infrastructure's current linkages to Henry Hub.
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With its recent acquisitions in the Eagle Ford Basin early this year, the corporation has been on a rapid expansion. The business has assets in the Barnett as well.
Nicolas Terraz, TotalEnergies' President of Exploration & Production, commented on the deal, saying it will increase the company's natural gas production in the United States. Additionally, it will assist TotalEnergies in strengthening its integrated LNG position through competitive gas production that is low-cost and low-emission.
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