TotalEnergies announced the sale of a 40% stake in two offshore exploration licenses in Nigeria the PPL 2000 and PPL 2001 to Chevron’s subsidiary Star Deep Water Petroleum Limited. The transaction aims to strengthen cooperation between the French energy giant and the U.S. counterpart while maintaining TotalEnergies as the operator with a 40% share, alongside Chevron’s equal share and South Atlantic Petroleum’s 20% stake.
Located in Nigeria’s West Delta basin and covering about 2,000 square kilometers, these licenses reflect TotalEnergies’ strategic move to optimize its African portfolio by focusing on operated assets and exploring new opportunities. The deal follows a reverse arrangement earlier this year, when Chevron sold Total a 25% interest in a portfolio of U.S. offshore leases.
TotalEnergies highlighted that Nigeria accounts for over a third of its African oil and gas production and 8.5% of its global hydrocarbon output but noted a 25% decline in Nigeria’s production over the past two decades. This joint venture aims to derisk projects and unlock new resources within the region, subject to regulatory approval and customary conditions.