TotalEnergies Sells Offshore Nigeria Stake to Chevron, Keeps 40% Operatorship

French oil major TotalEnergies has agreed to sell a 40-per-cent stake in its Nigerian offshore exploration licences to Star Deep Water Petroleum Limited, a subsidiary of US oil giant Chevron, the company announced on Monday.

The deal covers two offshore blocks in the West Delta basin, spanning 2,000 square kilometres, and remains subject to regulatory approval. TotalEnergies will continue to operate the licences and retain a 40-per-cent stake, while its consortium partner, South Atlantic Petroleum, holds 20 per cent.

“This joint venture strengthens TotalEnergies’ global offshore collaboration with Chevron,” the company said, citing its recent participation in US offshore exploration leases as part of broader strategic cooperation.

Nicola Mavilla, TotalEnergies’ Senior Vice-President for Exploration, added that the partnership “aims to de-risk and develop new opportunities in Nigeria, in line with the country’s objectives.”

The transaction underscores a trend of collaboration among international oil companies to enhance exploration and development efficiency in West Africa’s offshore oil sector.