French energy major, TotalEnergies, recently announced a significant transaction. It confirmed the sale of a 40 percent stake in its Nigerian offshore exploration licenses. The buyer is Star Deep Water Petroleum Limited, a subsidiary of the American energy giant, Chevron.
TotalEnergies will maintain its role as operator of these offshore blocks. The company will also retain a 40 percent interest. South Atlantic Petroleum, a long-term consortium partner, will hold the remaining 20 percent.
This new partnership signifies a deepening of TotalEnergies’ global offshore collaboration. It represents another step in their ongoing work with Chevron.
A company statement confirmed this development. It stated, “This new joint venture reinforces TotalEnergies’ global offshore exploration collaboration with Chevron.” The statement also highlighted recent cooperation between the companies through US offshore exploration leases.
Nicola Mavilla, Senior Vice-President for Exploration at TotalEnergies, commented on the deal. He noted that the transaction supports Nigeria’s strategic objectives for offshore development.
Mavilla explained the venture’s goals. He said it “aims at derisking and developing new opportunities in Nigeria.” This aligns directly with the nation’s energy sector objectives.
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