French energy company Total has bought a stake in an up and coming shale gas asset in Ohio, USA from Chesapeake, the second-largest gas producer in the States and EnerVest.

Total paid the firms $700million for its chunk of the Utica shale play and is launching a joint venture with Chesapeake in the position.

The Utica shale formation has shown good potential for oil and gas liquids and is hoped to be as resource rich as the successful Marcellus Shale.

A statement from Total said: “This [venture] is consistent with our strategy to develop positions in unconventional plays with large potential and, in this case, with value predominantly linked to oil price.”