Thread Content
According to Sinochem New Network, on December 1, TotalEnergies announced that it would sell 40% of its stake in two offshore exploration licenses in Nigeria to Chevron. This move represents an important outcome of the ongoing discussions between the two companies regarding exploration opportunities around the world. The subject of the transaction are exploration licenses PPL 2000 and 2001 in Nigeria’s high-yield West Delta basin. Following the completion of the transaction, TotalEnergies will continue to act as the project operator with a 40% stake, while Chevron and South Atlantic Petroleum will hold 40% and 20% stakes respectively. This joint venture represents an extension and deepening of the two parties’ global offshore exploration cooperation. In June of this year, TotalEnergies acquired a 25% working interest in Chevron’s exploration portfolio of 40 offshore blocks in the United States. Nicolas Mavila, Senior Vice President of Exploration at TotalEnergies, said, “Following our joint venture in U.S. offshore projects, we are pleased to extend our cooperation to Nigeria to jointly develop new resources in the West Delta Basin. This joint venture will reduce the risks associated with oil and gas development there and create opportunities for growth, which is in full alignment with Nigeria’s development goals.” ” As Africa’s largest oil producer, Nigeria is a key contributor to TotalEnergies’ global oil and gas production; in 2024, the company’s oil and gas production in Nigeria amounted to 209,000 barrels of oil equivalent per day. (Shi Jingwen)