TotalEnergies has agreed to sell a 40% stake in two offshore exploration licenses in Nigeria to Chevron, with the aim to enhance collaboration between the French and US energy giants, the company said on Monday.
After the sale, TotalEnergies will continue to operate the site with a 40% stake, sharing responsibilities with Chevron and South Atlantic Petroleum.
The transaction with Chevron will be completed once standard conditions are met, including obtaining regulatory approvals, it said.
This new joint venture highlights TotalEnergies’ worldwide offshore exploration partnership with Chevron, after acquiring a 25% working interest in a portfolio of exploration leases offshore the US in June, which includes 40 blocks operated by Chevron.
"After launching our joint venture in US offshore exploration in June, we’re delighted to now expand our collaboration to Nigeria to unlock new resources in the West Delta basin," said Nicola Mavilla, Senior Vice-President Exploration at TotalEnergies. “This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country.”
TotalEnergies operations in Nigeria
TotalEnergies has been present in Nigeria for over 60 years and currently employs more than 1,800 people across various business segments.
Nigeria is one of the major contributing countries to TotalEnergies’ hydrocarbon production, with 209,000 barrels of oil equivalent (boe) produced in 2024. TotalEnergies also operates an extensive distribution network, which includes about 540 service stations in the country.
TotalEnergies is a global integrated energy company that produces and markets a range of energy sources, including oil, biofuels, natural gas, biogas, low-carbon hydrogen, renewables, and electricity. With over 1,00,000 employees, the company aims to help people with energy that is reliable, affordable, and sustainable.
The company recently announced that its Nigerian subsidiary has completed the divestment of its 12.5% non-operated interest in the OML 118 Production Sharing Contract (PSC) to Shell Nigeria Exploration and Production Company Ltd (10%) and Nigerian Agip Exploration (2.5%) for an aggregate amount of $510 million.
