TotalEnergies has announced plans to sell a 40 percent stake in two offshore exploration licences in Nigeria to U.S. energy giant Chevron, in a move aimed at deepening collaboration between both companies.
The French oil major said the new joint venture is designed to “derisk and develop new opportunities in Nigeria” and unlock fresh resources in the West Delta basin, according to Nicola Mavilla, its Senior Vice President for Exploration, as reported by Reuters.
Nigeria remains a critical hub for TotalEnergies, accounting for over one-third of its oil and gas output in Africa and about 8.5 percent of its global hydrocarbons production. However, the company’s output in the country has dropped by around 25 percent over the last 20 years.
After the stake sale, TotalEnergies will retain operatorship with a 40 percent share, while Chevron will also hold 40 percent and South Atlantic Petroleum will maintain its 20 percent interest.
The French major has been reshaping its African portfolio, prioritising assets where it serves as operator and pursuing new supply opportunities.
In June, Chevron sold TotalEnergies a 25 percent interest in a portfolio of 40 U.S. federal offshore leases, further strengthening the exploration partnership between the two companies.
