By Ayomide Otitoju
TotalEnergies announced on Monday that it will sell a 40 percent stake in two offshore exploration licenses in Nigeria to Chevron, in a move aimed at strengthening collaboration between the French and U.S. energy giants.
“This new joint venture aims at derisking and developing new opportunities in Nigeria … to unlock new resources in the West Delta basin,” said Nicola Mavilla, Total’s Senior Vice President of Exploration, in a statement reported by Reuters.
Nigeria remains a key market for TotalEnergies, accounting for over one-third of its African oil and gas production and 8.5 percent of its global hydrocarbons, although production in the country has declined by a quarter over the past 20 years.
Under the new arrangement, TotalEnergies will continue as the operator with a 40% stake, alongside Chevron with 40% and South Atlantic Petroleum holding 20%. The deal is part of TotalEnergies’ broader strategy to streamline its African portfolio, focusing on assets it operates while exploring new supply opportunities.
The transaction follows a June agreement in which Chevron sold Total a 25 percent interest in a portfolio of 40 U.S. federal offshore leases, marking a continued exploration partnership between the two energy majors.
