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PARIS - TotalEnergies (NYSE:TTE) has acquired a 25% working interest in 40 offshore exploration blocks operated by Chevron (NYSE:CVX) in the United States, according to a press release statement.
The acquired portfolio covers approximately 1,000 square kilometers across three areas of the Outer Continental Shelf: 13 blocks in Walker Ridge, 9 in Mississippi Canyon, and 18 in East Breaks. The blocks are located between 175 and 330 kilometers from shore.
This acquisition expands TotalEnergies’ existing partnership with Chevron in U.S. offshore operations, which includes the Ballymore field (40% TotalEnergies stake) that began production this year, Anchor (37.14%) which started production last year, and the producing Jack (25%) and Tahiti (17%) assets.
Kevin McLachlan, Senior Vice-President Exploration at TotalEnergies, stated that the transaction aligns with the company’s strategy of acquiring "low cost and low emissions options" for its exploration portfolio. The company plans to use advanced 3D imaging technology to evaluate potential drilling opportunities across these blocks.
TotalEnergies has been active in the United States since 1957 and has invested nearly $11 billion in the country since 2022 across oil, LNG, and low-carbon electricity sectors. The company is currently the leading exporter of U.S. LNG with over 10 million tons of output in 2024.
The financial terms of the transaction were not disclosed in the announcement.
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