TotalEnergies acquires 20% stake in Dorado leases in Texas
TotalEnergies on April 8 announced its agreement to acquire the 20% interest held by Lewis Energy Group in the Dorado leases operated by EOG Resources (80%) in the Eagle Ford shale gas play. The acquisition will bolster TotalEnergies' natural gas production capacity in Texas.
Situated in Texas, the Dorado field presents an opportunity for TotalEnergies to increase its net US natural gas production by 50mn ft3/d in 2024, with the potential for an additional 50mn ft3/d by 2028. The field boasts an emission intensity of approximately 10 kg CO2e/boe, the company said.
"This acquisition strengthens our production of natural gas in the United States, contributing to reinforce TotalEnergies' LNG integration with a low cost and low emission upstream gas feed," commented Nicolas Terraz, President of Exploration & Production at TotalEnergies.
In 2023, TotalEnergies achieved a net US natural gas output of around 340mn ft3/d (450mn ft3/d technical production).
TotalEnergies, which exported over 10mn tonnes of US LNG in 2023, holds the position of the top exporter of US LNG, it said. This achievement is attributable to its 16.6% stake in the Cameron LNG plant in Louisiana, coupled with several long-term purchasing agreements.
The company said its LNG export capacity will reach 15mn tonnes/yr by 2030 following the start-up of the first phase of the Rio Grande LNG project in Texas, currently under construction.