TotalEnergies announces 40% stake sale in two exploration licenses in Nigeria to Chevron

TotalEnergies has agreed to sell a 40% stake in two offshore exploration licenses in Nigeria to Chevron in a bid to improve cooperation between the French and US energy giants, the company said on Monday.

Following the sale, TotalEnergies will continue to operate the site with a 40% stake, sharing responsibilities with Chevron and South Atlantic Petroleum.

It was stated that the transaction with Chevron will be completed when standard conditions are met, including obtaining regulatory approvals.

This new joint venture highlights TotalEnergies’ worldwide offshore exploration partnership with Chevron, following its acquisition of a 25% working interest in the US offshore exploration lease portfolio in June, which includes 40 Chevron-operated blocks.

“After launching our joint venture in US offshore exploration in June, we are delighted to expand our collaboration to Nigeria to unlock new resources in the Western Delta basin,” said Nicola Mavilla, Senior Vice President Exploration at TotalEnergies. “This new joint venture aims to seize and develop new opportunities in Nigeria in line with the country’s goals.”

TotalEnergies operations in Nigeria

TotalEnergies has been present in Nigeria for over 60 years and currently employs over 1,800 people across various business lines.

Nigeria is one of the largest contributors to TotalEnergies’ hydrocarbon production, with 209,000 barrels of oil equivalent (boe) produced in 2024. TotalEnergies also operates an extensive distribution network that includes approximately 540 service stations in the country.