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Chesapeake – Total Utica Shale JV Closes – OH Development Begins

by Kenneth E. DuBose on January 3, 2012

Chesapeake Energy and Total closed the previously announced Utica Shale joint venture on January 2, 2012. The deal was announced at the beginning of November without disclosing the partner, but Total was likely as the company already partners with Chesapeake in the Barnett Shale.

The Chesapeake – Total Utica Shale joint venture covers acreage in the liquids-rich window of the play. Total paid a combined $2.32 billion to Chesapeake and Enervest for a 25% interest 619,000 acres across Ohio.

CHK will serve as the operator and Total will participate in further acquisitions that cover the JV’s area of mutual interest.

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