TotalEnergies to Sell 40% Stake in Nigerian Offshore Licenses to Chevron Subsidiary
TotalEnergies has announced plans to divest a 40 percent interest in its Nigerian offshore exploration licenses, entering a new strategic partnership with a subsidiary of Chevron.
The company confirmed it has signed an agreement to transfer the stake in two license areas covering approximately 2,000 square kilometers in the West Delta basin to Star Deep Water Petroleum Limited. The deal remains subject to regulatory approval.
Despite the sale, TotalEnergies will retain operatorship of the blocks along with a remaining 40 percent interest. South Atlantic Petroleum will maintain its existing 20 percent share.
The company highlighted that the partnership strengthens its offshore exploration collaboration with Chevron, building on their recent joint activities in U.S. offshore acreage.
Nicola Mavilla, TotalEnergies’ exploration lead, said the agreement aims to reduce exploration risks while unlocking new opportunities in Nigeria, aligning with the country’s broader energy objectives.
