TotalEnergies to sell 40% interest in Nigerian offshore blocks to Chevron unit

[Exterior view of the headquarters of the oil company TotalEnergies, formerly known as Total] HJBC/iStock Editorial via Getty Images TotalEnergies EP Nigeria (TTE [https://seekingalpha.com/symbol/TTE]) has signed a farmout agreement to sell to Star Deep Water Petroleum, a Chevron (CVX [https://seekingalpha.com/symbol/CVX]) company, a 40% stake in two offshore Nigerian exploration licenses. Completion of the farmout transaction with Chevron is subject to customary conditions, including regulatory approvals. The PPL 2000 and PPL 2001 licenses, located in the West Delta basin and spanning ~2,000 sq km, were awarded to a consortium of TotalEnergies (TTE [https://seekingalpha.com/symbol/TTE]) and South Atlantic Petroleum following the 2024 exploration round organized by the Nigerian Upstream Petroleum Regulatory Commission. TotalEnergies (TTE [https://seekingalpha.com/symbol/TTE]) will continue as operator with 40%, alongside Chevron (40%) and South Atlantic Petroleum (20%). The new joint venture deepens the companies’ global offshore partnership, following TotalEnergies’ June purchase of a 25% interest in a portfolio of exploration leases offshore U.S. from Chevron (operator). "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," said Nicola Mavilla, Senior Vice-President Exploration at TotalEnergies. “This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country.” Source: Press Release [https://seekingalpha.com/pr/20323008-exploration-totalenergies-strengthens-its-global-collaboration-with-chevron] MORE ON TOTALENERGIES, CHEVRON * Sell Repsol: Buy Total Instead For Its Superior Profitability [https://seekingalpha.com/article/4848802-sell-repsol-buy-total-instead-for-superior-profitability] * TotalEnergies SE (TTE) 50% Acquisition of EPH Flexible Generation Assets in Europe [https://seekingalpha.com/article/4844840-totalenergies-se-tte-50-percent-acquisition-of-eph-flexible-generation-assets-in-europe] * TotalEnergies SE (TTE) M&A Call Transcript [https://seekingalpha.com/article/4844600-totalenergies-se-tte-m-and-a-call-transcript] * TotalEnergies, Repsol in talks to combine U.K. upstream assets - report [https://seekingalpha.com/news/4526525-totalenergies-repsol-in-talks-to-combine-u-k-upstream-assets-report] * Chevron trades in red for seven straight sessions [https://seekingalpha.com/news/4525981-chevron-trades-in-red-for-seven-straight-sessions]