TotalEnergies acquires 25% working interest in portfolio of Chevron leases

TotalEnergies has announced the acquisition of a 25% working interest in a portfolio of exploration leases in the US Gulf of Mexico from Chevron.

Chevron will remain the operator in these leases.

The 40 Outer Continental Shelf federal leases, spanning approximately 1,000 sq km and located 175 to 330 km from shore, include 13 blocks located in the Walker Ridge area, nine blocks in the Mississippi Canyon area, and 18 blocks in the East Breaks area.

The transaction is said to provide access to multiple offshore exploration plays and prospects, building upon TotalEnergies’ US offshore collaboration with Chevron beyond the existing partnerships in Ballymore (40% TotalEnergies) which achieved first production this year; Anchor (37.14%) where production started up last year; and the Jack (25%) and Tahiti (17%) producing assets.

Kevin McLachlan, Senior Vice President Exploration with TotalEnergies, said: “This transaction is in line with our consistent strategy of filling our exploration portfolio with low cost and low emissions options, and will significantly expand TotalEnergies’ offshore US exploration acreage, combining a wide range of geological plays and prospectivity. Building on the momentum of the recent Ballymore and Anchor startups, we are very pleased to expand our successful partnership with Chevron, and we expect to mature exploration drill decisions on these blocks utilizing advanced 3D imaging technology to unlock large remaining US offshore production potential.”