# Total takes $2.25bn stake in US shale Total E&P USA signed a joint venture agreement on December 30 with US-based Chesapeake Exploration to acquire a 25% share in the latter’s shale gas portfolio for$800 million. Over the next six years, Total has also committed to pay a maximum of \$1.45 billion in the form of a 60% carry of Chesapeake future capital expenditures on drilling and completion of wells within the framework of the joint venture.

The assets include approximately 300,000 net acres of leasehold, 90% of which are located in

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###### Basel III, bond market liquidity and the Risk awards

The week on Risk.net, December 2–8, 2017