Oil & Gas

TotalEnergies has signed an agreement with Lewis Energy Group to acquire a 45% stake in dry gas producing assets located in the Eagle Ford basin in Texas. This acquisition, which follows the Texas Dorado acquisition announced in April 2024, enhances TotalEnergies’ integration across the gas value chain in the U.S. and adds low-cost, long-plateau assets to its portfolio.

The acquired assets, situated in Southwest Texas, have the potential to be developed to achieve a sustainable gross production of approximately 400 Mcf/d by 2028. This marks TotalEnergies' second acquisition of non-operated shale gas assets in 2024, following the earlier purchase of a non-operated interest in the Dorado asset from Lewis Energy Group. Additionally, TotalEnergies operates a technical production capacity of around 500 Mcf/d in the Barnett.

As the largest exporter of U.S. LNG, TotalEnergies exported over 10 million tons (Mt) in 2023, bolstered by its 16.6% stake in the Cameron LNG plant in Louisiana and various long-term purchasing agreements. The company's U.S. LNG export capacity is projected to reach 15 Mt/y by 2030. Nicolas Terraz, President of Exploration & Production at TotalEnergies, stated, “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.”

TotalEnergies has been active in the U.S. since 1957, deploying its integrated energy model across the country. With plans to increase LNG export capacity to 15 Mt/y after the startup of the Rio Grande LNG plant in South Texas, the company is also focused on renewable energy projects, boasting 25 GW of renewables and flexible generation assets, establishing itself as a power trading hub in Houston.