American Energy Company, Chevron has secured a 40 percent stake in two offshore exploration licences in Nigeria’s West Delta basin under a new farmout deal with TotalEnergies, the French major said on Monday.
TotalEnergies EP Nigeria will transfer the interest in licences PPL 2000 and PPL 2001 to Star Deep Water Petroleum Limited, a Chevron subsidiary, while retaining operatorship with a 40 percent share. South Atlantic Petroleum holds the remaining 20 percent.
The blocks, awarded in Nigeria’s 2024 Exploration Round, cover about 2,000 sq km in a prolific offshore zone close to existing production hubs.
The agreement deepens the companies’ exploration partnership, following TotalEnergies’ June purchase of a 25 percent working interest across 40 Chevron-operated blocks in the US Gulf of Mexico.
“After launching our joint venture in U.S. offshore exploration in June, we’re delighted to now expand our collaboration to Nigeria to unlock new resources in the West Delta basin,” said Nicola Mavilla, TotalEnergies’ senior vice president for exploration.
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The transaction is subject to regulatory approval and other customary conditions.
