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(WO) – TotalEnergies has strengthened its international exploration ties with Chevron following a brand new farmout settlement protecting two offshore licenses in Nigeria’s West Delta basin.
The corporate introduced that its Nigerian subsidiary, TotalEnergies EP Nigeria, has agreed to switch a 40% curiosity in exploration licenses PPL 2000 and PPL 2001 to Star Deep Water Petroleum Restricted, a Chevron firm. TotalEnergies will stay operator with a 40% stake, alongside Chevron (40%) and South Atlantic Petroleum (20%).
The licenses, awarded throughout Nigeria’s 2024 Exploration Spherical organized by the Nigerian Upstream Petroleum Regulatory Fee, span roughly 2,000 km² in a prolific offshore area with established manufacturing close by.
The farmout expands the businesses’ exploration collaboration following TotalEnergies’ June acquisition of a 25% working curiosity throughout 40 Chevron-operated offshore blocks within the U.S. Gulf of Mexico.
“After launching our three way partnership in U.S. offshore exploration in June, we’re delighted to now increase our collaboration to Nigeria to unlock new assets within the West Delta basin,” stated Nicola Mavilla, senior vice chairman of exploration for TotalEnergies. “This new three way partnership goals at derisking and creating new alternatives in Nigeria, in step with the aims of the nation.”
Completion of the transaction stays topic to regulatory approvals and different customary circumstances.
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