US EditionTotalEnergies Sells 40% Stake in Nigerian Offshore Project to Chevron
TotalEnergies retains 40% and operatorship of two Nigerian offshore blocks, while Chevron acquires 40% to derisk exploration and enhance international cooperation.
- On 01/12/2025, TotalEnergies SE agreed to sell a 40% stake in the PPL 2000 and PPL 2001 Nigerian offshore licences to Star Deep Water Petroleum Limited, a Chevron subsidiary.
- After a June US joint venture, the companies aim at derisking and developing new opportunities in Nigeria, with Nicola Mavilla saying it's to unlock resources in the West Delta basin.
- The sale covers the PPL 2000 and PPL 2001 licences in the West Delta basin spanning 2,000 square kilometres, with South Atlantic Petroleum retaining its 20% stake under regulatory approval.
- The planned transaction will consolidate a trilateral partnership between TotalEnergies, Chevron, and South Atlantic Petroleum as the sector balances investment with regulatory and environmental considerations and could accelerate exploration in the West Delta basin.
- TotalEnergies won the licences in the 2024 licensing round and formalised rights in September, while Nigeria prepares a 2025 oil licensing round as majors like Shell plc boost presence.
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TotalEnergies to sell stake in Nigeria projects to Chevron
TotalEnergies encountered a mix of breakthroughs and setbacks in its shifting portfolio of Africa-based oil and gas assets. The French major sold a 40% stake in two offshore oil projects in Nigeria to Chevron, and 10% of a different Nigerian offshore field to Shell. The deals, as Semafor’s Alexander Onukwue noted, are the latest in a race by international majors into Nigeria’s offshore industry, “turning away from onshore assets following a wave…
Nigeria: French Energy Major Sells Stake in Nigerian Exploration Blocks to Chevron
French energy group TotalEnergies announced on Monday that it had signed an agreement to sell a 40-percent stake in two Nigerian offshore exploration licences to Star Deep Water Petroleum Limited, a subsidiary of US oil major Chevron.
French energy major sells stake in Nigerian exploration blocks to Chevron
French energy group TotalEnergies announced on Monday that it had signed an agreement to sell a 40-percent stake in two Nigerian offshore exploration licences to Star Deep Water Petroleum Limited, a subsidiary of US oil major Chevron.
On Monday, December 1, TotalEnergies announces the signing of an agreement to sell a 40% stake in exploration licences off Nigeria to Star Deep Water Petroleum Limited, Chevron's subsidiary. Explanations of the transaction.
TotalEnergies announces 40% stake sale in two exploration licenses in Nigeria to Chevron
TotalEnergies will sell a 40% stake in two offshore exploration licenses in Nigeria to Chevron. The company will retains 40% operational stake and aims to develop new opportunities in Nigeria's West Delta basin.
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