TotalEnergies to sell stake in Nigeria offshore licenses to Chevron
The Total Energies plant's logo can be seen at the entrance to TotalEnergies Raffinerie Mitteldeutschland GmbH in Leuna. Waltraud Grubitzsch/dpa-Zentralbild/dpa
TotalEnergies EP Nigeria has signed a farm-out deal to sell a partial stake in Nigerian offshore licenses to Star Deep Water Petroleum Limited, a company owned by US energy giant Chevron, TotalEnergies said on Monday.
The deal covers a 40% participation in the PPL 2000 and PPL 2001 exploration licenses which cover an area of around 2,000 square kilometres in the prolific West Delta basin off Nigeria.
The licenses were awarded to a consortium of TotalEnergies and South Atlantic Petroleum following an exploration round in 2024 organized by the Nigerian Upstream Petroleum Regulatory Commission.
Post transaction, French energy giant TotalEnergies will remain an operator with 40% participation, Chevron with 20%, and South Atlantic Petroleum with the remaining 20%.
"This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country," Nicola Mavilla, Senior Vice-President Exploration at TotalEnergies said.