Total Re-confirms Pursuit of Unconventional Gas

Bloomberg reports that falling natural gas prices haven’t affected plans by Total SA to expand its presence in shale gas in the U.S. and Europe.

Patrice de Vivies, senior vice president for exploration and production in northern Europe, said the weak market has “no influence on the unconventional gas as far as the strategy of Total goes.”

De Vivies said that while gas prices may pick up “in a few years,” helped by rising demand in Asia, consumption in Europe may be stagnant.

“We expect high growth from China, India and the Middle East,” he said. “In Europe, maybe we have reached a peak of consumption. Everything will depend on the use of natural gas for power generation.”

Total, Europe’s third-largest oil producer, has entered the U.S. shale market in an agreement with Chesapeake Energy Corp and has also acquired the  Montelimar shale permit in France.

Mr. de Vivies stated that Total will soon receive a permit in Denmark and possibly in other parts of western Europe.

Source: Business Week