TotalEnergies acquires 40 offshore US blocks operated by Chevron

By America Hernandez

PARIS, 16 June - French oil giant TotalEnergies announced on Monday that it had acquired a 25 percent interest in 40 federal exploration leases operated by Chevron in the Gulf of Mexico. The outer continental shelf leases consist of 13 blocks located in Walker Ridge, 9 blocks within the Mississippi Canyon region and 18 blocks situated in East Breaks. The company stated that the acquisitions would help it achieve its goal of increasing production of low cost, low emission oil and gas by 3 percent annually until 2030. Total has already acquired minority stakes in Chevron's four Gulf of Mexico offshore oil and natural gas fields. The French oil giant is the largest buyer and exporter in the United States of liquefied gas (LNG), with over 10 million metric tonnes under long-term contracts annually. However, it prefers to buy the gas from local producers. Total bought stakes in Texas shale gas fields from Lewis Energy Group last year to ensure that it would have access to gas priced at the U.S. Henry Hub standard price in the event LNG export costs increased. Reporting by America Hernandez, Paris. Editing by Louise Heavens and Alexandra Hudson.

(source: Reuters)