Total chief signals shift from US dry shale gas

Gas switch: Total chief says dry gas cost/profit ratio 'does not work'

AFP/Scanpix

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Bill Lehane

 10 January 2013 14:53 GMT

Total will halt making new investment in dry shale gas in the United States while gas prices remain low, chief executive Christophe de Margerie has said.

The French oil major has joint ventures with Chesapeake Energy in the Utica shale area of eastern Ohio and the Barnett gas shale area in Texas.

"It is not great because we have invested on the basis of gas prices that were far higher than today," de Margerie said in an interview with French daily Le Monde on France's current national debate on its energy future.

The French giant shelled out $2.25 billion for a 25% slice of Chesapeake Energy's Barnett Shale assets in January 2010.

"Our investment in Texas shows a serious loss which, of course, does not question…

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