TotalEnergies Expands Chevron Partnership With Nigeria Offshore Deal

TotalEnergies SE (TTE) is expanding its global exploration partnership with Chevron, signing a farmout deal that hands the U.S. major a 40% stake in two offshore Nigeria licenses—PPL 2000 and PPL 2001—while retaining operatorship.

The licenses, covering roughly 2,000 square kilometers in the West Delta basin, were awarded in Nigeria’s 2024 Exploration Round to a consortium comprising TotalEnergies and South Atlantic Petroleum. Under the new structure, TotalEnergies and Chevron will each hold 40%, with South Atlantic Petroleum retaining 20%.

The move further strengthens the companies’ growing deepwater collaboration. In June, TotalEnergies acquired a 25% working interest across 40 Chevron-operated U.S. offshore blocks, marking the start of a broader strategic partnership between the two supermajors.

TotalEnergies said the Nigeria venture aims to de-risk and advance new offshore opportunities in a prolific basin that has long underpinned the country’s upstream sector. Nigeria remains one of TotalEnergies’ most important producing regions, contributing 209,000 boe/d in 2024.

Completion of the farmout remains subject to regulatory approvals.

For Chevron, the deal expands its presence in one of West Africa’s most established petroleum systems at a time when Nigeria is seeking to revive exploration activity, boost production, and attract new investment under updated licensing frameworks.

For TotalEnergies, the agreement reinforces its strategy of spreading exploration risk through partnerships while leveraging its long-standing operational footprint in Nigeria, where it employs more than 1,800 people and operates an extensive fuels distribution network.

By Charles Kennedy for Oilprice.com

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