TotalEnergies has announced the sale of a 40% stake in two offshore exploration licenses in Nigeria to Chevron, in a move aimed at strengthening collaboration between the French and U.S. energy companies.
“This new joint venture aims at derisking and developing new opportunities in Nigeria … to unlock new resources in the West Delta basin,” said Nicola Mavilla, Total’s Senior Vice President of Exploration, in a statement reported by Reuters.
Nigeria currently accounts for over a third of TotalEnergies’ African oil and gas production and 8.5% of its global hydrocarbons. However, the company’s output in the country has declined by about 25% over the past two decades.
Following the transaction, TotalEnergies will remain the operator of the site with a 40% stake, Chevron will also hold 40%, and South Atlantic Petroleum will retain 20% participation.
The deal aligns with TotalEnergies’ strategy of streamlining its African portfolio, focusing on assets it operates, and pursuing new sources of supply.
Earlier this year, in June, Chevron sold Total a 25% interest in a portfolio of 40 U.S. federal offshore leases as part of an ongoing exploration partnership between the two majors.
