TotalEnergies to Sell 40% in Nigerian Offshore Asset to Chevron
TotalEnergies has agreed to sell a 40% stake in two offshore exploration licenses in Nigeria to Chevron, with the aim to enhance collaboration, the company said on Monday.
TotalEnergies said it has signed a farmout agreement to sell to Star Deep Water Petroleum Limited, a Chevron company, a 40% participation in the PPL 2000 and PPL 2001 exploration licenses, offshore Nigeria.
Located in the prolific West Delta basin, the PPL 2000 & 2001 licenses are covering an area of approximately 2,000 square kilometers.
These assets were awarded to a consortium of TotalEnergies and South Atlantic Petroleum following the 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission.
After the sale, TotalEnergies will continue to operate the site with a 40% stake, sharing responsibilities with Chevron and South Atlantic Petroleum.
The transaction with Chevron will be completed once standard conditions are met, including obtaining regulatory approvals, it said.
This new joint venture reinforces TotalEnergies’ global offshore exploration collaboration with Chevron, following the June acquisition of a 25% working interest in a portfolio of exploration leases Offshore U.S. comprising 40 Chevron-operated blocks.
“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.” Ikeja Hotel Hits Highest Valuation in 52-Week, Gains 45%
