French energy giant TotalEnergies has agreed to sell a 40 per cent stake in its Nigerian offshore exploration licences to Star Deep Water Petroleum Limited, a subsidiary of US oil major Chevron.
The deal, reported by Reuters, covers two licence areas spanning 2,000 square kilometres in the West Delta basin and is pending regulatory approval, TotalEnergies confirmed in a Monday statement.
Despite the sale, TotalEnergies will continue to operate the sites and retain a 40 per cent interest, while consortium partner South Atlantic Petroleum holds onto its 20 per cent stake.
The French company described the collaboration as a key step in strengthening its global offshore exploration partnerships with Chevron, following recent acquisitions of stakes in US offshore leases.
Nicola Mavilla, TotalEnergies’ senior vice-president for exploration, said the venture is strategically positioned to “derisk and develop new opportunities in Nigeria, in line with the objectives of the country.”
This move signals a growing trend of international energy giants deepening their footprint in Nigeria’s offshore sector while sharing risks in high-value exploration projects.
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