TotalEnergies says it will sell a 40 percent stake in two offshore exploration licences in Nigeria to Chevron.
In a statement on Monday, the refinery said it will sell the stake in the exploration licences — petroleum prospecting licence (PPL) 2000 and PPL 2001 — to Star Deep Water Petroleum Limited, a Chevron company.
“Further to an ongoing discussion of global exploration opportunities between TotalEnergies and Chevron, TotalEnergies EP Nigeria 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,” the statement reads.
“Located in the prolific West Delta basin, the PPL 2000 & 2001 licenses are covering an area of approximately 2,000 square kilometers and were awarded to a consortium of TotalEnergies and South Atlantic Petroleum following the 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission.”
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According to the statement, TotalEnergies will remain the operator with a 40 percent participation alongside Chevron (40 percent) and South Atlantic Petroleum (20 percent).
The French multinational said the new joint venture (JV) reinforces its 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”.
The company added that completion of the farm-out transaction with Chevron is subject to customary conditions, including regulatory approvals.
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Nicola Mavilla, senior vice-president exploration at TotalEnergies, said after launching “our joint venture in US offshore exploration in June”, the company was pleased to expand collaboration with Chevron to Nigeria to unlock new resources in the West Delta basin.
He said the new joint venture is intended to derisk and advance new opportunities in Nigeria, in line with the country’s objectives.
The development marks the latest in a series of recent deals that TotalEnergies has executed.
On November 26, a TotalEnergies subsidiary, TotalEnergies EP Nigeria (TEPNG), completed the divestment of its 12.5 percent non-operated interest in oil mining lease (OML) 118 production sharing contract (PSC) to Shell Nigeria Exploration and Production Company (SNEPco) Ltd and Nigerian Agip Exploration (NAE).
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Prior to this, TotalEnergies signed an agreement to acquire 50 percent operating interest in the oil prospecting licence (OPL) 257 from Conoil.
