French major Total SA (NYSE: TOT, France: FP) via subsidiary Total E&P USA Inc. plans to acquire a 25% position in the Barnett shale in Texas from Chesapeake Energy Corp., Oklahoma City, (NYSE: CHK) for $2.25 billion.

Total will pay $800 million in cash at closing and an additional $1.45 billion by funding 60% of Chesapeake’s share of drilling and completion expenditures until the $1.45-billion obligation has been funded, which Chesapeake expects to occur by year-end 2012.

The assets include approximately 270,000 net acres in the core and tier 1 areas of the Barnett, of which 90% is in the core area. Current total net production is approximately 700 million cu. ft. of gas equivalent (MMcfe) per day, with 175 million net to Total (30,000 BOE). Proved reserves are approximately 3 trillion cu. ft. equivalent, with 750 billion cu. ft. net to Total (130 million BOE).

The leasehold position will support approximately 3,100 additional net locations (775 net to Total), according to Chesapeake, with approximately 6.3 trillion cu. ft. of unrisked unproved reserves (1.6 trillion net to Total, or 270 million BOE). Approximately 60% of Chesapeake’s core and tier 1 leasehold is held by production.

Under the joint-venture agreement, Total will have the right to acquire a 25% share of new acreage acquired on promoted terms until Dec. 31, 2015. Afterward, Total’s right to acquire its 25% proportionate share will be on an unpromoted basis and Total will also begin paying 25% of Chesapeake’s support costs related to the joint venture’s corporate development activities.

Total chief executive Christophe de Margerie says, “Total is pleased to be making a strategically important move by entering into the U.S. shale-gas business with Chesapeake, the world’s leading shale-gas operator. This joint venture will provide us with a solid position in an attractive long-term resource base under competitive terms. It will allow Total to develop its expertise in unconventional hydrocarbons in order to expand its unconventional business worldwide.”

Chesapeake chief executive Aubrey K. McClendon says Total approached Chesapeake about a Barnett joint venture approximately seven months ago. The deal will bring Chesapeake’s proceeds from shale joint ventures, including upfront cash payments and drilling carries, during the past 18 months to approximately $10.8 billion, which the company compares to a cost basis of approximately $2.7 billion.

Chesapeake has previously entered into joint-venture relationships with Plains Exploration & Production Co., Houston, (NYSE: PXP) in the Haynes­ville shale, BP America (NYSE: BP) in the Fayetteville shale, and Norway’s Statoil (NYSE: STO) in the Marcellus shale.

The company will continue to pursue other joint ventures in the Eagle Ford shale and in several Midcontinent unconventional plays, says McClendon. “We have agreed to discuss with Total an Eagle Ford joint venture as well as joint ventures covering several Canadian natural gas shale plays in which Total has shown an interest.”

Closing was expected by the end of January. The effective date is Oct. 1, 2009.

Wells Fargo Securities LLC analyst Michael Hall calls the price tag “handsome” and estimates Total paid $33,333 per acre, with $11,850 per acre up front and the remainder in the 60% carry.