TotalEnergies has sold a 40% stake in two Nigerian offshore exploration licenses to Chevron, a move aimed at strengthening their global collaboration in offshore exploration. The licenses, PPL 2000 and PPL 2001, are located in the prolific West Delta basin and cover an area of approximately 2,000 square kilometers ¹ ².
The sale is part of TotalEnergies’ strategy to manage its portfolio and focus on its core assets. The company will retain a 40% stake in the licenses and remain the operator, while Chevron will acquire a 40% stake, and South Atlantic Petroleum will hold the remaining 20% ².
This deal reinforces TotalEnergies’ global offshore exploration collaboration with Chevron, following their June agreement where TotalEnergies acquired a 25% working interest in 40 Chevron-operated U.S. offshore blocks. Nicola Mavilla, TotalEnergies’ Senior Vice-President of Exploration, stated that the joint venture aims to derisk and develop new opportunities in Nigeria ¹ ².
The transaction is subject to regulatory approvals and is expected to enhance collaboration between TotalEnergies and Chevron in Nigeria. TotalEnergies has been operating in Nigeria for over 60 years and has a significant presence in the country’s oil and gas industry ³.
This sale is part of a broader trend of international oil companies divesting from Nigerian onshore and shallow-water assets due to security concerns and tax uncertainties. Chevron’s acquisition of the stake in the Nigerian offshore licenses expands its presence in West Africa’s petroleum systems ⁴ ⁵.
The deal highlights the growing partnership between TotalEnergies and Chevron, with a focus on exploring and developing new resources in Nigeria and beyond. The companies aim to leverage their expertise and resources to unlock new opportunities and drive growth in the region ² ⁵.