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Investing.com -- TotalEnergies SE (EPA:TTEF) said on Monday it will sell a 40% stake in two offshore Nigerian oil-and-gas exploration projects to Chevron Corp’s (NYSE:CVX) subsidiary Star Deep Water Petroleum.
The deal involves the PPL 2000 and 2001 licenses in the West Delta basin, which were previously awarded to a consortium of TotalEnergies and Nigeria’s South Atlantic Petroleum.
TotalEnergies will maintain a 40% stake and continue as the operator of these licenses. The transaction requires regulatory approvals, and no financial details were disclosed.
This agreement follows a previous deal from earlier this year when TotalEnergies purchased a 25% share in several Chevron-operated exploration sites off the U.S. coast.
"After launching our joint venture in U.S. offshore exploration in June, we’re delighted to now expand our collaboration to Nigeria to unlock new resources in the West Delta basin," said Nicola Mavilla, TotalEnergies’ senior vice-president of exploration.
The announcement comes as both energy companies continue to adjust their global portfolios and strengthen their collaborative efforts in key exploration regions.