French oil company TotalEnergies announced on Monday the sale of a 40-per cent stake in its Nigerian offshore exploration licences to Star Deep Water Petroleum Limited, a subsidiary of US energy giant Chevron.
The agreement covers two offshore areas spanning 2,000 square kilometres in the West Delta basin, pending regulatory approval, TotalEnergies said in a statement.
The French firm will continue to operate the sites and retain a 40-per cent stake, while consortium partner South Atlantic Petroleum holds 20 per cent.
Nicola Mavilla, TotalEnergies’ Senior Vice-President for Exploration, described the venture as a strategic step “aimed at derisking and developing new opportunities in Nigeria, in line with the objectives of the country.”
TotalEnergies added that the joint venture strengthens its global collaboration with Chevron, following a previous share acquisition in US offshore exploration leases.
The deal positions both companies to leverage combined expertise in offshore development, while ensuring continuity of TotalEnergies’ operational leadership in Nigeria’s energy sector.
