TotalEnergies to sell 40% stake in Nigerian offshore licences to Chevron company

TotalEnergies EP Nigeria has signed a farmout statement with Chevron’s Star Deep Water Petroleum to merchantability a 40% involvement successful the PPL 2000 and PPL 2001 offshore licences.

Located successful the West Delta basin successful Nigeria, the 2 exploration licences screen astir 2,000km².

The Nigerian Upstream Petroleum Regulatory Commission awarded the licences to a consortium comprising TotalEnergies and South Atlantic Petroleum during the 2024 Exploration Round.

Under the presumption of the agreement, TotalEnergies volition person a 40% information involvement and proceed arsenic operator, portion Chevron volition clasp different 40% involvement successful the licences.

South Atlantic Petroleum volition person the remaining 20% interest.

The closing of the farmout transaction remains taxable to customary conditions including regulatory approvals.

In June, TotalEnergies acquired a 25% moving involvement successful a portfolio of offshore US exploration leases, comprising 40 blocks operated by Chevron.

This caller statement is said to further fortify TotalEnergies’ planetary offshore exploration collaboration with Chevron.

TotalEnergies exploration elder vice-president Nicola Mavilla said: “After launching our associated task [JV] successful US offshore exploration successful June, we are delighted to present grow our collaboration to Nigeria to unlock caller resources successful the West Delta basin.

“This caller JV aims astatine de-risking and processing caller opportunities successful Nigeria, successful enactment with the objectives of the country.”

Last week, the French lipid and state institution completed the merchantability of its non-operated involvement successful the Bonga deep-water oilfield offshore Nigeria.

TotalEnergies transferred its involvement to Shell subsidiary Shell Nigeria Exploration and Production Company and Eni’s subsidiary Nigerian Agip Exploration.

The merchantability resulted successful changes to the Bonga deep-water tract ownership operation wrong the lipid mining lease 118 accumulation sharing contract.

Last month, Chevron forecast much than 10% maturation successful its yearly adjusted escaped currency travel and yearly net per stock done 2030, assuming Brent crude prices of $70 per barrel.

The institution reduced its superior expenditure guidance scope to $18bn–21bn per year.

"TotalEnergies to merchantability 40% involvement successful Nigerian offshore licences to Chevron institution " was primitively created and published by Offshore Technology, a GlobalData owned brand.

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