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Investing.com -- TotalEnergies (EPA:TTEF) is buying a 25% share in several offshore oil and gas exploration areas in the United States operated by Chevron (NYSE:CVX), expanding its footprint in U.S. waters.
The French oil major announced Monday that the deal builds on existing partnerships between the two companies in projects including Ballymore, Anchor, Jack and Tahiti. This new acquisition will provide TotalEnergies access to multiple potential sites for future discoveries.
"This transaction is in line with our consistent strategy of filling our exploration portfolio with low cost and low emissions options, and will significantly expand TotalEnergies’ Offshore U.S. exploration acreage," said TotalEnergies’ senior vice-president of exploration.
The transaction encompasses 40 federal leases in the U.S. outer continental shelf, covering an area of approximately 1,000 square kilometers. The acquisition includes 13 blocks in the Walker Ridge area, 9 blocks in the Mississippi Canyon area, and 18 blocks in the East Breaks area.
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