TotalEnergies has announced plans to sell a forty per cent stake in two offshore exploration licences in Nigeria to Chevron, marking a deeper cooperation between the French and United States energy majors. The company confirmed that it will retain operatorship with forty per cent participation, alongside Chevron with forty per cent, and South Atlantic Petroleum holding the remaining twenty per cent. The planned transaction comes at a time when Nigeria remains one of TotalEnergies’ most important production hubs in Africa, contributing more than a third of its regional output and over eight per cent of its global hydrocarbon portfolio, even though production in the country has dropped by about a quarter in the last twenty years.
The company said the move is part of a broader shift to streamline its African portfolio by concentrating on assets it directly operates, while continuing to search for new supply opportunities. The partnership with Chevron is also expanding on both sides of the Atlantic. In June, Chevron transferred a twenty-five percent interest in forty offshore leases in the United States to TotalEnergies as part of a growing exploration alliance between the two companies. This new transaction in Nigeria builds on that framework, reflecting a strategy to jointly explore highly prospective basins while balancing risks and development commitments.
In its statement, the company explained that the farmout agreement covers PPL 2000 and PPL 2001 in the West Delta basin. The blocks span roughly two thousand square kilometres and were awarded after the 2024 exploration licensing round conducted by the Nigerian Upstream Petroleum Regulatory Commission. With this new structure, the two energy giants will jointly explore opportunities with the aim of unlocking new resources in a basin considered one of the most promising offshore regions in the country. The company emphasised that the partnership aligns with Nigeria’s objective of stimulating new upstream investments and enhancing long-term output stability.
The energy major added that this joint venture reinforces its global offshore exploration collaboration with Chevron, following the earlier U.S. deal, and is expected to support de-risking activities across the Nigerian assets. It stressed that the completion of the farmout remains subject to regulatory approvals and other customary conditions. For Nigeria’s oil and gas sector, the expansion of such partnerships often brings fresh capital, new technology, and improved prospects for service providers and smaller contractors seeking opportunities within upcoming exploration and development phases.
The company noted that it has operated in Nigeria for more than six decades and maintains a workforce of about one thousand eight hundred employees across its various business lines. Nigeria remains one of its top contributors, with hydrocarbon production reaching two hundred and nine thousand barrels of oil equivalent per day in 2024. Beyond upstream operations, the company also runs an extensive distribution network of more than five hundred service stations nationwide and reiterated its commitment to socio-economic development and collaboration with local communities as it deepens its investments in the country.
