Total Becomes Largest Energy Producer To Enter UK Fracking Exploration

Looking to expand shale-based oil production outside of its home country of France, where the controversial process of hydraulic fracturing drilling is banned, Total SA (ADR) (NYSE:TOT) (EPA:FP) announced it was purchasing a 40% stake in two U.K. oil exploration areas. Total's partner IGAS Energy PLC (LON:IGAS) (OTCMKTS:IGESF), which holds 14.5% of the permits to explore in the area, will be the operator of the exploration project.

Total's fracking business

The $47 million payments for exploration rights to Dart Energy Ltd (ASX:DTE) (OTCMKTS:DEGEF) make Paris-based Total SA (ADR) (NYSE:TOT) (EPA:FP) the largest oil company to enter the U.K. fracking business, according to a report by Bloomberg. Total’s stock price fell by just...