French energy company TotalEnergies on Monday announced the sale of a 40-per-cent stake in its Nigerian offshore exploration licences to Star Deep Water Petroleum Limited, a subsidiary of US oil major Chevron.
The agreement covers two offshore areas in the West Delta basin, spanning 2,000 square kilometres, and is subject to regulatory approval. TotalEnergies will continue to operate the blocks and maintain a 40-per-cent interest, while its consortium partner, South Atlantic Petroleum, holds the remaining 20 per cent.
“This new partnership reinforces TotalEnergies’ global offshore exploration collaboration with Chevron,” the company said, noting that it complements its recent investments in US offshore projects.
Nicola Mavilla, TotalEnergies’ Senior Vice-President for Exploration, said the venture is designed “to de-risk and unlock new opportunities in Nigeria, aligned with the country’s objectives.”
The deal highlights growing cooperation between international oil majors in Nigeria, aimed at sharing expertise and optimising development of offshore resources.
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