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In a significant move to bolster its position in the U.S. Liquefied Natural Gas (LNG) market, TotalEnergies has announced its decision to purchase a 20% interest in the Dorado natural gas leases in Texas. This strategic acquisition from Lewis Energy Group increases TotalEnergies' stake in the Eagle Ford shale gas play. It cements its partnership with EOG Resources, which holds the remaining 80% and operates the leases.
Enhancing Production Capabilities
Located in the prolific Eagle Ford region, the Dorado field represents a key asset in TotalEnergies' portfolio. It promises to increase the company's net daily U.S. natural gas production by 50 million cubic feet (Mcf/d) in 2024 and double by 2028.
As per a press release, the acquisition aligns with TotalEnergies' dedication to upscaling its production while adhering to its commitment to low-emission operations; the Dorado field boasts an emission intensity of around 10 kg CO2e/boe.
In 2023, TotalEnergies' net U.S. natural gas output soared to approximately 340 Mcf/d, with technical production reaching 450 Mcf/d. This remarkable growth trajectory underscores the company's expanding influence in the North American energy landscape.
Strengthening LNG Export Capacity
According to Yahoo, TotalEnergies has already established itself as a leading figure in the U.S. LNG export realm, marking its presence with over 10 million tons (Mt) exported in 2023. This achievement is mainly attributable to its 16.6% interest in the Cameron LNG plant in Louisiana, coupled with numerous long-term purchasing agreements. The company is poised to amplify its LNG export capacity to 15 Mt/y by 2030, following the anticipated commencement of the Rio Grande LNG project's first phase in Texas.
Nicolas Terraz, President of Exploration & Production at TotalEnergies, expressed enthusiasm about the acquisition, stating, "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." He also commended the partnership with EOG Resources, praising the operator's technical expertise and the value it adds to the venture.
Photo: TotalEnergies Newsroom
