By Peter Omopo
French energy multinational TotalEnergies has announced the sale of a 40 per cent stake in two Nigerian offshore exploration licences to Star Deep Water Petroleum Limited, a subsidiary of US oil major Chevron.
The company disclosed the development on Monday in an official statement, noting that the transaction remains subject to regulatory approval by Nigerian authorities.
Deal Covers 2,000 Sq Km in West Delta Basin
According to TotalEnergies, the agreement involves exploration licences covering approximately 2,000 square kilometres in the West Delta basin — an area considered highly prospective for deepwater oil and gas discoveries.
Despite the sale, TotalEnergies will retain a 40 per cent stake and continue as operator of the sites. Its long-standing partner, South Atlantic Petroleum, will hold the remaining 20 per cent stake.
Strengthening Global Offshore Partnership
The company said the move further deepens its global exploration partnership with Chevron, coming after TotalEnergies acquired an interest in several US offshore exploration leases.
“This new joint venture reinforces TotalEnergies’ global offshore exploration collaboration with Chevron,” the firm stated.
Aligned With Nigeria’s Energy Objectives
Speaking on the strategic importance of the deal, Nicola Mavilla, Senior Vice-President for Exploration at TotalEnergies, said the partnership aims to accelerate exploration activities and unlock new opportunities in Nigeria’s offshore sector.
“The venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country,” Mavilla said.
The partnership is expected to boost deepwater exploration efforts and potentially contribute to Nigeria’s long-term efforts to revitalise crude production and attract fresh investment into the oil and gas sector.
