Total and Shale Gas

Asked whether Total S.A. was expecting to make more acquisitions in shale gas beyond its recent deal with Chesapeake, Jean-Jacques Mosconi Senior Vice President, Strategy for the French oil major said:

"Chesapeake was a significant move... a commitment of $2.2 billion over a six year period of time. Today is not the right time for us to make another acquisition move. We are going to expand what we have." He said Total expected to expand its Chesapeake output share of 30,000 barrels of oil equivalent per day to 47,000 boepd.

Speaking at the Reuters Energy Summit, Mosconi said it was too early to say whether Europe would turn out to be as much of a shale gas bonanza than the United States. He added that Total first needed to study the permits it has obtained in Montelimar in southern France.

"It's too early in Europe. First we have to understand Montelimar," he said. "We are also looking at the possibility of taking some permits in Denmark and Poland, which look promising."

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