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France's Total scours Australia for acquisitions

(AFP) – 9 hours ago

SYDNEY — Cashed-up French energy giant Total is scouring Australia for acquisition opportunities as part of an aggressive expansion of its gas strategy, a report said Monday.

It follows an announcement Friday that Total will join with Japanese oil and gas producer Inpex to invest in the $34 billion Ichthys LNG gas project off northern Australia.

Inpex will take a 72.8 percent stake while Total will hold 24 percent.

"There is no limitation for Total to invest more in Australia," the company's senior vice-president for exploration and production in Asia, Jean-Marie Guillermou, told the Australian Financial Review.

"Australia is a core asset and is part of our future. If tomorrow we have the opportunity to find another Ichthys, we have the money to invest and develop it alone."

Guillermou said acquisitions could involve individual assets in gas, including shale gas, or takeovers, with the company expecting to spend up to $14 billion in Australia over the next five years.