TotalEnergies to Buy 49% of Oklahoma Natural Gas Assets

SECAUCUS, NJ (DTN) — France’s TotalEnergies announced Monday (9/29) that it has signed an agreement to acquire a 49%minority stake in Continental Resources’ natural gas production assets in Oklahoma’s Andarko Basin. 

The deal strengthens TotalEnergies’ commitment to the U.S. liquefied natural gas value chain and its integrated gas position by securing a long-term supply of what the company described as “low-cost and long-plateau assets.”  The assets are already linked to the Henry Hub through existing midstream infrastructure.

The acquired non-operated shale gas assets are projected to reach a gross production of approximately 350 MMSCFD by 2030, a level expected to be sustained over the long term. This will secure TotalEnergies a net gas production of around 150 MMSCFD

The Anadarko deal complements its recent U.S. expansions, including the 2024 acquisitions of Dorado and Constellation assets in the Eagle Ford Basin. TotalEnergies also currently operates a technical production of approximately 500 MMSCFD in the Barnett Shale.

The latest acquisition will “consolidate TotalEnergies’ integrated LNG position with a competitive low-cost and low-emission gas production” Nicolas Terraz, exploration and production president for the French energy producer, said.

The world’s third-largest LNG player, TotalEnergies held a global portfolio of 40 Mt/y at end-2024.  It aims to increase the share of natural gas in its sales mix to nearly 50% by 2030, as part of its strategy to reduce carbon emissions and facilitate the transition from coal to gas.