TotalEnergies EP Nigeria has signed a farmout agreement to sell a 40 per cent participation interest in the PPL 2000 and PPL 2001 exploration licences offshore Nigeria to Star Deep Water Petroleum, a subsidiary of Chevron.
Located in the West Delta basin, the licences cover an area of approximately 2,000 square kilometres. They were originally awarded to a consortium of TotalEnergies and South Atlantic Petroleum following the 2024 exploration round organised by the Nigerian Upstream Petroleum Regulatory Commission.
Upon completion of the transaction, TotalEnergies will retain operatorship with a 40 per cent interest. Chevron will hold a 40 per cent stake, while South Atlantic Petroleum will hold the remaining 20 per cent.
This agreement is described as a reinforcement of the global offshore exploration collaboration between the two majors, following TotalEnergies' acquisition in June of a 25 per cent interest in a portfolio of exploration leases in the US Gulf of Mexico comprising 40 Chevron-operated blocks.
Nicola Mavilla, Senior Vice-President Exploration at TotalEnergies, stated, “After launching our joint venture in US offshore exploration in June, we’re delighted to now expand our collaboration to Nigeria to unlock new resources in the West Delta basin.”
The transaction remains subject to customary closing conditions, including regulatory approvals.
