TotalEnergies SE has transferred a 40 % participation in the PPL 2000 and PPL 2001 exploration licenses in Nigeria’s West Delta basin to Chevron’s Star Deep Water Petroleum, a Chevron subsidiary. The two licenses cover roughly 2,000 square kilometres of deep‑water offshore Nigeria and were originally awarded to a consortium of TotalEnergies and South Atlantic Petroleum following the 2024 exploration round.
Under the new arrangement, TotalEnergies remains the operator with a 40 % stake, Chevron holds the remaining 40 %, and South Atlantic Petroleum retains 20 %. The transaction is designed to derisk and accelerate development of the blocks by sharing exploration costs and technical expertise, while preserving a balanced partnership structure that aligns with TotalEnergies’ focus on deep‑water and gas projects.
The deal follows a reciprocal partnership that began in June when TotalEnergies acquired a stake in Chevron‑operated U.S. offshore blocks. It also reflects Nigeria’s ongoing effort to reverse declining production, with the country contributing about 209,000 barrels of oil equivalent per day to TotalEnergies’ global output as of 2024. By bringing Chevron’s deep‑water experience and capital resources into the West Delta basin, TotalEnergies aims to speed production timelines and enhance the economic viability of the assets.
South Atlantic Petroleum, a Nigerian exploration and production company chaired by Theophilus Danjuma, continues to hold a 20 % interest in the licenses. The partnership structure allows the consortium to leverage each partner’s strengths while maintaining a clear operational hierarchy.
Nicola Mavilla, Senior Vice‑President of Exploration at TotalEnergies, said the joint venture “aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country.” The announcement marks the first major change to TotalEnergies’ Nigerian operations since the 2024 exploration round and represents a significant capital allocation decision for the coming year.
The transaction underscores TotalEnergies’ strategy to strengthen its upstream portfolio in high‑potential regions while maintaining a balanced partnership structure, positioning the company to capitalize on deep‑water opportunities in Nigeria’s West Delta basin.
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