TotalEnergies Sells 40% Stake in Nigerian Offshore Assets to Chevron to Boost Exploration

TotalEnergies has agreed to sell a 40% stake in its Nigerian offshore assets to Chevron, signaling a strategic reshuffle in its global portfolio. The divestment focuses on the PPL 2000 and 2001 licences in the West Delta basin, a prolific region for oil exploration. Despite the sale, TotalEnergies will retain operatorship and maintain a 40% stake in the licences, ensuring continued influence over offshore operations.

Chevron’s entry at 40%, alongside South Atlantic Petroleum holding 20%, creates a new joint venture aimed at accelerating exploration and de-risking future developments. This collaboration strengthens the companies’ offshore partnership and mirrors TotalEnergies’ recent U.S. expansion, where it acquired a 25% interest in 40 Chevron-operated exploration blocks in the Gulf of Mexico.

Nicola Mavilla, Senior Vice-President of Exploration at TotalEnergies, emphasized that the joint venture is designed to unlock new resources in Nigeria while supporting the country’s strategic energy goals. “We are excited to expand our collaboration to Nigeria, following our successful U.S. joint venture earlier this year, to explore and develop new opportunities in the West Delta basin,” Mavilla said.

Nigeria remains a critical hub for TotalEnergies, contributing 209,000 barrels of oil equivalent per day (boe/d) in 2024. The renewed offshore exploration aligns with the Nigerian government’s push to reverse output declines, stabilise production amid challenges like theft and vandalism, and attract fresh foreign investment into the energy sector.

The move also reflects a wider trend of international oil companies strengthening their positions in Nigeria’s deep-water fields. Last week, Shell increased its stake in OML 118’s Bonga field from 55% to 65%, while the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) launched the 2025 oil licensing round. These developments indicate Nigeria’s commitment under President Bola Tinubu to boost production, attract global investors, and drive the nation toward its $1 trillion GDP goal.

source: The Guardian