French Company Total Says “Non, Merci” to More Utica Shale
In December 2011, French energy giant Total purchased a 25 percent ownership stake in Chesapeake Energy’s Ohio Utica Shale leases for 10 Ohio counties for $2.3 billion. In May, Total paid Chesapeake another $2 billion for a 90% stake in 9,000 leases in Columbiana County, OH (see this MDN story).
It seemed like Total was going full speed ahead with purchases of shale acreage in the Utica Shale. Not any more.