French company Total has announced the completion of a $2.3bn joint venture with US energy explorer Chesapeake to develop its shale play in Ohio, as 2012 shapes up to be a bumper year for mergers and acquisitions activity in the oil and gas sector.

Total said in a statement that its US exploration and production arm had signed and completed a joint venture agreement on December 30 that will see it acquire a 25% stake in Chesapeake's and EnerVest's Utica shale play in Ohio.