TotalEnergies has reached an agreement to sell a 40% interest in two offshore exploration licenses in Nigeria to Chevron, in a move the French energy major says will strengthen strategic collaboration between the companies.
The firm confirmed on Monday that it has signed a farmout agreement with Star Deep Water Petroleum Limited, a Chevron subsidiary, covering a 40% participation in the PPL 2000 and PPL 2001 licenses located offshore Nigeria.
The licenses, situated in the resource-rich West Delta basin, span roughly 2,000 square kilometres. They were awarded to a consortium led by TotalEnergies and South Atlantic Petroleum following the Nigerian Upstream Petroleum Regulatory Commission’s 2024 Exploration Round.
Following the transaction, TotalEnergies will retain operatorship with a 40% stake, working alongside Chevron and South Atlantic Petroleum to advance exploration activities.
According to the company, the deal will close once standard conditions are fulfilled, including regulatory approvals.
The partnership marks a further deepening of global offshore cooperation between TotalEnergies and Chevron. It follows TotalEnergies’ June acquisition of a 25% working interest in a portfolio of 40 Chevron-operated exploration blocks offshore the United States.
“After launching our joint venture in US offshore exploration in June, we’re delighted to now expand our collaboration to Nigeria to unlock new resources in the West Delta basin,” said Nicola Mavilla, Senior Vice-President Exploration at TotalEnergies.
“This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country.”
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