TotalEnergies has declared its intention to sell a 40 percent stake in two offshore Nigerian exploration licences to Chevron, marking a strategic reshuffle in its African portfolio.
Under the deal, Chevron, through its subsidiary Star Deep Water Petroleum Limited, will take 40 percent of the licence rights for blocks PPL 2000 and PPL 2001, which lie in the West Delta offshore basin. Meanwhile, TotalEnergies will continue to operate the assets with a remaining 40 percent interest, as South Atlantic Petroleum retains the final 20 percent.
The two licences span roughly 2,000 square kilometers, a substantial area aimed at new resource development.
This move comes as part of a broader strategy by TotalEnergies to refine its focus on assets it directly controls, while forming partnerships to de-risk and jointly explore fresh prospects.
As the companies embark on this partnership, regulatory clearance remains a key condition for the transaction to be finalized.
The deal could reinvigorate investment flows into Nigeria’s oil sector, potentially boosting future hydrocarbon output. If exploration succeeds, increased production may enhance export revenues and foreign exchange inflows, which are vital for Nigeria’s fiscal budget and economic stability amid fluctuating global oil prices.
