TotalEnergies, the French energy major, has announced the sale of a 40 % stake in its Nigerian offshore exploration licenses to Star Deep Water Petroleum Limited, a subsidiary of U.S. oil giant Chevron. The agreement covers two license areas that together span 2,000 square kilometres in the West Delta basin, according to Reuters. The transaction is subject to regulatory approval, TotalEnergies said in a statement.
Under the deal, TotalEnergies will continue to operate the sites and retain a 40 % interest, while its consortium partner, South Atlantic Petroleum, will keep its 20 % stake. This partnership strengthens TotalEnergies’ global offshore exploration collaboration with Chevron, following the French company’s recent acquisition of stakes in U.S. offshore exploration leases.
“The new venture is positioned to derisk and develop new opportunities in Nigeria, in line with the objectives of the country,” said Nicola Mavilla, TotalEnergies’ senior vice‑president for exploration. The West Delta basin is a significant oil‑producing region, and the alliance is expected to contribute to Nigeria’s oil and gas output.
TotalEnergies’ decision to sell part of its Nigerian offshore licenses aligns with its strategy to optimise its portfolio and focus on high‑potential exploration areas. The company has been active in Nigeria’s oil and gas sector for several decades and maintains a strong presence there. Partnering with Chevron is anticipated to bring new expertise and technology to the offshore exploration segment, potentially leading to new discoveries and increased production.
The Nigerian government has been encouraging international oil companies to invest in the country’s oil and gas sector, and this partnership is viewed as a positive development. Both parties will work closely with the relevant authorities to secure the necessary approvals and ensure a smooth completion of the deal. With this collaboration, TotalEnergies and Chevron are poised to play a significant role in Nigeria’s oil and gas industry, delivering a positive impact on the nation’s energy sector.
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