French giant, TotalEnergies has announced the sale of a 40 per cent stake in its Nigerian offshore exploration licences to Star Deep Water Petroleum Limited, a subsidiary of US oil giant Chevron.
According to a report by Reuters, the agreement covers two licence areas spanning 2,000 square kilometres in the West Delta basin. The transaction is subject to regulatory approval, TotalEnergies said in a statement on Monday.
Despite the sale, the company will continue to operate the sites and retain a 40 per cent interest, while its consortium partner, South Atlantic Petroleum, will maintain its 20 per cent stake.
TotalEnergies described the new partnership as a boost to its global offshore exploration collaboration with Chevron, noting that it follows the French company’s acquisition of stakes in US offshore exploration leases.
Nicola Mavilla, the company’s senior vice-president for exploration, said the venture is positioned to “derisk and develop new opportunities in Nigeria, in line with the objectives of the country.”
