TotalEnergies SE announced Further to an ongoing discussion of global exploration opportunities between TotalEnergies and Chevron, TotalEnergies EP Nigeria has signed a farmout agreement to sell to Star Deep Water Petroleum Limited, a Chevron company, a 40% participation in the PPL 2000 and PPL 2001 exploration licenses, offshore Nigeria. Located in the prolific West Delta basin, the PPL 2000 & 2001 licenses are covering an area of approximately 2,000 square kilometers and were awarded to a consortium of TotalEnergies and South Atlantic Petroleum following the 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission. TotalEnergies will remain operator with a 40% participation alongside Chevron (40%) and South Atlantic Petroleum (20%).
This new joint venture reinforces TotalEnergies? global offshore exploration collaboration with Chevron, following the June acquisition of a 25% working interest in a portfolio of exploration leases Offshore U.S. comprising 40 Chevron-operated blocks. Completion of the farmout transaction with Chevron is subject to customary conditions, including regulatory approvals.