French oil major TotalEnergies has agreed to sell a 40% stake in its Nigerian offshore exploration licences to Star Deep Water Petroleum Limited, a subsidiary of US energy giant Chevron, the company announced on Monday.
The deal involves two offshore blocks in the West Delta Basin, covering 2,000 square kilometres, and is still subject to regulatory approval.
TotalEnergies will continue as the operator of the licences and maintain a 40% interest, while consortium partner South Atlantic Petroleum retains a 20% stake.
“This joint venture strengthens TotalEnergies’ global offshore collaboration with Chevron,” the company said, noting its recent involvement in US offshore exploration leases as part of a broader strategic partnership.
Nicola Mavilla, TotalEnergies’ Senior Vice President for Exploration, stated that the collaboration “aims to de-risk and develop new opportunities in Nigeria, in line with the country’s objectives.”
The deal highlights a growing trend of partnerships among international oil companies to boost exploration and development efficiency in West Africa’s offshore sector.
