TotalEnergies farms out 40% participating interest in certain licenses offshore Nigeria to Chevron

TotalEnergies will remain operator with 40% participation alongside Chevron (40%) and South Atlantic Petroleum (20%).

Dec. 1, 2025

Flag of Nigeria on a background blue sky — A unit of Chevron has agreed to acquire participation interest in oil and gas exploration licenses offshore Nigeria from TotalEnergies.

TotalEnergies EP Nigeria agreed to farm out 40% participation interest in PPL 2000 and PPL 2001 exploration licenses offshore Nigeria to Star Deep Water Petroleum Ltd., a Chevron Corp. company.

TotalEnergies will remain operator with 40% interest alongside Chevron (40%) and South Atlantic Petroleum (20%).

The licenses lie in the West Delta basin and cover about 2,000 sq km. They were awarded to a consortium of TotalEnergies and South Atlantic Petroleum following the 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission.

TotalEnergies signed permits for work on the licenses earlier this year. The work program includes drilling one firm exploration well.

Completion of the participation deal between TotalEnergies and the Chevron unit is subject to customary conditions, including regulatory approvals.