TotalEnergies has sold a 40 percent interest in two offshore Nigerian exploration licences, PPL 2000 and PPL 2001, to Chevron’s subsidiary Star Deep Water Petroleum Limited.
The licences, located in the West Delta basin and covering about 2,000 square kilometres, will remain under TotalEnergies’ operatorship.
Chevron will hold 40 percent, while South Atlantic Petroleum retains 20 percent.
The agreement, signed on 1 December 2025, strengthens TotalEnergies’ partnership with Chevron, following a U.S. offshore collaboration the companies formed in June 2025.
Completion of the transaction is subject to regulatory approvals.
The licences were awarded to TotalEnergies and SAPETRO in September 2025 during Nigeria’s latest offshore bid round.
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At least one exploration well is planned under the work programme, offering potential for new hydrocarbon discoveries in the West Delta basin.
By bringing Chevron onboard, TotalEnergies aims to reduce risks and accelerate development, leveraging Chevron’s offshore exploration expertise.
The transaction reflects TotalEnergies’ broader strategy of concentrating on assets it operates directly, particularly offshore and gas projects, while gradually divesting non-operated stakes.
Financial terms of the sale have not been disclosed, and the commercial success of the blocks will depend on future exploration results.