TotalEnergies has announced the sale of a 40 % stake in two offshore exploration licences in Nigeria to Chevron, aiming to strengthen collaboration between the French and U.S. energy giants. The joint venture will seek to de‑risk and develop new opportunities in the West Delta basin, unlocking additional resources, according to Nicola Mavilla, Total’s senior vice‑president of exploration.
Nigeria is a major contributor to TotalEnergies’ African oil and gas production, accounting for more than a third of its output on the continent and 8.5 % of its global hydrocarbons. However, the company’s production in Nigeria has fallen by a quarter over the past two decades. Under the new arrangement, TotalEnergies will remain the operator with a 40 % participation, Chevron will hold an equal 40 % share, and South Atlantic Petroleum will retain a 20 % interest.
The sale is part of TotalEnergies’ broader effort to streamline its African portfolio, focusing on assets it operates while seeking new sources of supply. The partnership with Chevron has been deepening; the two majors previously collaborated on an exploration partnership in June, when Chevron sold Total a 25 % interest in a portfolio of 40 U.S. federal offshore leases for an undisclosed amount.
The TotalEnergies‑Chevron alliance is expected to enhance their presence in the Nigerian energy sector, enabling both companies to develop new opportunities and unlock additional resources. This strategic move consolidates TotalEnergies’ position in Africa while expanding its global footprint through partnerships and collaborations. As the global energy landscape evolves, such alliances are likely to play a crucial role in shaping the industry’s future, bringing significant investment and development to Nigeria’s energy sector in the coming years.
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