Totalenergies Has Sold Its Offshore Oil Assets in Nigeria to Chevron.

French energy company TotalEnergies announced on Monday that it is selling a 40% stake in its Nigerian offshore exploration licences to Star Deep Water Petroleum Limited, a subsidiary of U.S. oil major Chevron.

According to the company, an agreement has already been signed for the transfer of interests in two offshore blocks spanning about 2,000 square kilometres in the West Delta basin, pending necessary regulatory approval. The firm noted that the partnership strengthens its ongoing global offshore exploration relationship with Chevron, following its recent investment in U.S. offshore leases.

TotalEnergies’ Senior Vice-President for Exploration, Nicola Mavilla, said the collaboration is intended to reduce risk and unlock new prospects in Nigeria, supporting the country’s development goals.

TotalEnergies will remain the operator of the licences, keeping a 40% share, while South Atlantic Petroleum maintains its 20% stake in the joint venture.