The deal covers two exploration areas spanning 2,000 square kilometres in Nigeria’s West Delta Basin and remains subject to regulatory approval, the company said in a statement. Under the arrangement, TotalEnergies will continue to operate the sites, retaining a 40-per-cent stake, while its consortium partner South Atlantic Petroleum (SAPETRO) holds 20 per cent.
“This new joint venture reinforces TotalEnergies’ global offshore exploration collaboration with Chevron,” the statement added, noting that the French company had recently acquired a stake in US offshore exploration leases.
Nicola Mavilla, TotalEnergies’ Senior Vice-President for Exploration, described the venture as a strategic step to “derisk and develop new opportunities in Nigeria, in line with the objectives of the country.”
The transaction reflects a growing trend of international oil companies seeking partnerships to share operational risks in deepwater exploration, particularly in regions with significant resource potential like Nigeria.