WS Investor
01 Dec 2025, 14:24
TotalEnergies has expanded its global exploration partnership with Chevron through a new farmout agreement in Nigeria. Announced on 1 December 2025, the deal transfers a 40 percent stake in offshore exploration licenses PPL 2000 and PPL 2001 to Chevron’s Star Deep Water Petroleum, while TotalEnergies remains operator with a 40 percent interest and South Atlantic Petroleum holds 20 percent.
The licenses, covering about 2,000 square kilometers in the prolific West Delta basin, were awarded in Nigeria’s 2024 Exploration Round. The agreement builds on the companies’ June collaboration in the U.S., where Chevron sold TotalEnergies a 25 percent interest in 40 offshore blocks. TotalEnergies said the joint venture will help derisk and develop new resource opportunities aligned with Nigeria’s goals.
The transaction is subject to regulatory approvals. TotalEnergies, active in Nigeria for more than 60 years, continues to view the country as a major contributor to its global hydrocarbon portfolio.
The licenses, covering about 2,000 square kilometers in the prolific West Delta basin, were awarded in Nigeria’s 2024 Exploration Round. The agreement builds on the companies’ June collaboration in the U.S., where Chevron sold TotalEnergies a 25 percent interest in 40 offshore blocks. TotalEnergies said the joint venture will help derisk and develop new resource opportunities aligned with Nigeria’s goals.
The transaction is subject to regulatory approvals. TotalEnergies, active in Nigeria for more than 60 years, continues to view the country as a major contributor to its global hydrocarbon portfolio.