TotalEnergies has announced the sale of a 40% stake in two offshore exploration licenses in Nigeria to U.S. energy major Chevron, marking a strengthened strategic partnership between the two global oil giants. The transaction, confirmed on Monday, aims to deepen collaboration and unlock new exploration opportunities in the West African region.
Despite the divestment, TotalEnergies will continue to operate the licenses. Under the new ownership structure, TotalEnergies will retain 40%, Chevron will hold 40%, and South Atlantic Petroleum will maintain its 20% stake.
Nigeria remains a critical part of TotalEnergies’ global portfolio, contributing over one-third of the company’s oil and gas output in Africa and about 8.5% of its global hydrocarbon production. However, the company’s output in Nigeria has dropped by roughly 25% over the last 20 years, prompting efforts to streamline its African assets and concentrate on fields where it holds operatorship.
In a statement, Nicola Mavilla, Senior Vice President of Exploration at TotalEnergies, said the new joint venture is designed to “derisk and develop new opportunities in Nigeria” and to accelerate the discovery of fresh resources in the West Delta basin.
The partnership builds on an evolving collaboration between the two companies. In June, Chevron sold TotalEnergies a 25% interest in a portfolio of 40 U.S. federal offshore leases, further solidifying their exploration alliance.
The companies expect that combining their technical expertise and operational strengths will enhance exploration efficiency and strengthen long-term energy development in Nigeria.
About the Author
