TotalEnergies continues its strategy of growth in the liquefied natural gas sector by acquiring a 45% stake in Lewis Energy Group’s assets located in the Eagle Ford Basin, Texas. This acquisition is part of a series of recent moves aimed at strengthening its position in the U.S. market, already supported by its presence in the Cameron LNG liquefaction plant in Louisiana. By targeting the Eagle Ford Basin, the group gains access to an existing dry gas production, allowing it to optimize its LNG export capabilities.
The group has also increased its stake in the Dorado operating permits, which are also operated by EOG Resources, in the same region. These two acquisitions enable TotalEnergies to build on a consolidated portfolio of gas reserves, providing greater operational flexibility. This is part of a broader strategy to diversify natural gas supplies and secure its exports amid current geopolitical challenges.
Strengthening LNG Export Capacity
With over 10 million tonnes (Mt) of LNG exported in 2023, TotalEnergies is already a major player in the U.S. gas market. The company relies on strategic partnerships and long-term contracts to develop its export capacity. Its stake in Cameron LNG, combined with the new acquisitions in Texas, allows TotalEnergies to aim for an annual export capacity of 15 Mt by 2030.
This capacity increase is crucial to meet the growing global demand from Europe and Asia, which are seeking to diversify their supply sources. The Eagle Ford Basin, which benefits from proximity to transportation and liquefaction infrastructure, provides a logistical advantage to quickly route gas to export terminals.
Supply Strategy Amid Energy Uncertainty
The acquisition of new assets in the Eagle Ford Basin comes as natural gas flows to Europe are being restructured following the reduction in deliveries from Russia. U.S. LNG capacities play a critical role in compensating for this loss, and TotalEnergies positions its assets in strategic regions to benefit from this dynamic.
Geopolitical tensions have also driven up energy prices, making the expansion into LNG particularly profitable in the short and medium term. By ensuring reliable supply and increasing its exportable volumes, TotalEnergies positions itself as a key supplier for European markets in search of energy stability.
Growth Prospects and Long-Term Objectives
TotalEnergies plans to continue investing in the development of new liquefaction and transportation infrastructure to support its growth in the LNG segment. The group has already announced several projects in the U.S., aimed at diversifying its supply sources to meet the growing global demand.
The goal of reaching 15 Mt/year of export capacity by 2030 is accompanied by a commitment to develop complementary infrastructure to secure supplies. The focus is also on optimizing production costs and managing risks related to energy price fluctuations. By diversifying its partnerships and consolidating its presence in the U.S., TotalEnergies aims to establish itself as a reference player in the LNG market.
