Total CEO Rules Out US Shale After BP-BHP Deal

French energy group Total SA (NYSE: TOT) is not looking at investing in the U.S. shale oil industry, the company’s CEO said Aug. 27.

Patrick Pouyanne made the comment when asked whether the $10.5 billion acquisition of U.S. shale assets of its peer BP Plc (NYSE: BP) from BHP Billiton Ltd. (NYSE: BHP) had made the sector more attractive.

“It’s first quite expensive, second we don’t have the human resources. BP had the human resources, BP had already a position, so I can understand their move but it’s not my case,” Pouyanne said on the sidelines of an oil conference.