04 January 2010 21:18 [Source: ICIS news]
HOUSTON (ICIS news)--A US subsidiary of France-based energy giant Total announced on Monday that it would enter a joint venture (jv) with a subsidiary of US-based Chesapeake Energy, with Total acquiring a stake in a key US natural gas field.
Total E&P USA signed an agreement in which it will pay $800m (€560m) in cash and an additional $1.45bn by funding 60% of Chesapeake's share of drilling and completion expenditures.
For that, Total will receive a 25% interest in ?xml:namespace>
The deal, effective as of 1 October 2009, is subject to regulatory approval and expected to be completed by the end of January, according to a press statement.
($1 = €0.70)
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