Total enters US shale venture with Chesapeake
1/3/2012 12:00:00 AM
By ROBERT DANIEL
Paris-based energy group Total entered a joint venture with Chesapeake Energy Corp. and a Chesapeake partner to develop energy from shale formations in Ohio.
Chesapeake is the Oklahoma City-based energy producer.
A Tuesday statement says Total will take 25% of the two companies' chunk of the Utica shale formation located in 10 counties in eastern Ohio.
The French company has paid $700 million up front and has committed to pay another $1.63 billion over as long as seven years to help cover capital spending in the joint venture, Total said.
The deal is effective as of Nov. 1, 2011.
Dow Jones Newswires
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