Total 'eyes' Chesapeake Utica piece

Eye on the prize: Total may buy stake in Chesapeake's Utica holdings

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By Staff & news wires

 07 December 2011 23:24 GMT

Fench giant Total may buy a stake in Chesapeake Energy’s holdings in Ohio’s Utica shale, a person with knowledge of the matter said.

Total is considering the acquisition, the person told Bloomberg.

Chesapeake said on 3 November it had signed a letter of intent with an unidentified international oil company for a $2.14 billion deal to sell 25% of 570,000 acres of Ohio’s Utica shale.

The Wall Street Journal on Wednesday quoted someone else familiar with the matter as saying “there’s no deal, nothing has been signed”, when asked about potential talks between Total and Chesapeake.

Several international companies have invested in booming US shale plays, including Australia’s BHP Billiton and Anglo-Dutch supermajor Shell. The…

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