Chevron agrees to join TotalEnergies in two West Delta basin licenses offshore Nigeria
TotalEnergies EP Nigeria has agreed to farm out a 40% interest in two newly awarded exploration licenses offshore Nigeria to Chevron subsidiary Star Deep Water Petroleum.
PPL 2000 and PPL 2001, spanning a 2,000-sq-km area, are in the offshore West Delta Basin. They were awarded to TotalEnergies and South Atlantic Petroleum under the 2024 Exploration Round, organized by the Nigerian Upstream Petroleum Regulatory Commission.
TotalEnergies will retain a 40% operated stake, with South Atlantic Petroleum holding the remaining 20%.
The agreement builds on the global offshore exploration collaboration between TotalEnergies and Chevron revealed earlier this year, following TotalEnergies’ acquisition of a 25% interest in multiple exploration leases in the US Gulf of Mexico containing 40 Chevron-operated blocks.
The two companies were already collaborating in the Ballymore, Anchor, Jack and Tahiti producing projects.
Nicola Mavilla, senior vice president of Exploration at TotalEnergies, said, “This new joint venture aims at de-risking and developing new opportunities in Nigeria, in line with the objectives of the country.”
Completion of the farmout with Chevron remains subject to regulatory approvals.
Last week, TotalEnergies EP Nigeria exited the OML 118 production sharing contract (PSC) offshore Nigeria, which contains the deepwater Bonga oil and gas field. Shell Nigeria Exploration and Production Co. (SNEPCo) has acquired 10% of TotalEnergies’ interest, lifting its operated stake in the PSC to 65%.