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TotalEnergies will sell a 40% stake in two exploration licenses offshore Nigeria to Chevron, as part of an ongoing discussion of global exploration opportunities between the two companies, the French supermajor said on Monday.
TotalEnergies is selling stakes in the PPL 2000 and 2001 licenses in the prolific West Delta basin offshore Nigeria, while it will remain operator with a 40% participation alongside Chevron with 40% and South Atlantic Petroleum with a 20% interest.
The new joint venture reinforces TotalEnergies’ global offshore exploration collaboration with Chevron, following the June acquisition of a 25% working interest in a portfolio of exploration leases offshore U.S. comprising 40 Chevron-operated blocks.
“After launching our joint venture in US 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, Senior Vice-President Exploration at TotalEnergies.
“This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country.”
TotalEnergies’ oil and gas production in Nigeria was 209,000 boe/d in 2024 and the biggest African oil producer is a key contributor to the company’s global hydrocarbon output.
Lately, oil majors have been boosting their presence in Nigeria, which looks to increase its oil and gas output as it moves to tackle theft and vandalism.
Last week, Shell plc completed the acquisition of an additional 10% interest in Nigeria’s OML 118 Production Sharing Contract, raising its stake in the deep-water Bonga field from 55% to 65% and reinforcing its commitment to growing upstream output.
Meanwhile, Nigeria is launching its 2025 oil licensing round, as the Upstream Petroleum Regulatory Commission (NUPRC) steps deeper into the role once dominated by the state oil company. The move signals President Bola Tinubu’s intent to boost output, court investors, and drive the economy toward his $1-trillion target.
By Tsvetana Paraskova for Oilprice.com
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