**TotalEnergies Sells 40% Stake in Nigerian Offshore Licenses to Chevron**
TotalEnergies has announced its agreement to sell a 40% interest in two offshore exploration licenses in Nigeria to Chevron, aiming to strengthen collaboration between the French and American energy companies. Following the transaction, TotalEnergies will maintain operational control with a 40% stake, sharing responsibilities with Chevron and South Atlantic Petroleum. The deal is set to finalize once standard conditions, including regulatory approvals, are satisfied.
This joint venture underscores TotalEnergies’ commitment to global offshore exploration partnerships, particularly following its acquisition of a 25% working interest in a portfolio of exploration leases off the U.S. coast in June, which encompasses 40 blocks operated by Chevron. Nicola Mavilla, Senior Vice-President of Exploration at TotalEnergies, expressed enthusiasm about expanding their collaboration to Nigeria, stating, “This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country.”
TotalEnergies has been a significant player in Nigeria for over 60 years, employing more than 1,800 individuals across various sectors. The country is a key contributor to TotalEnergies’ hydrocarbon production, with an output of 209,000 barrels of oil equivalent (boe) anticipated in 2024. Additionally, TotalEnergies operates a vast distribution network in Nigeria, featuring approximately 540 service stations.
As a global integrated energy company, TotalEnergies produces and markets a diverse range of energy sources, including oil, biofuels, natural gas, biogas, low-carbon hydrogen, renewables, and electricity. With a workforce exceeding 100,000, the company is dedicated to providing reliable, affordable, and sustainable energy solutions.
Recently, TotalEnergies’ Nigerian subsidiary completed the divestment of its 12.5% non-operated interest in the OML 118 Production Sharing Contract (PSC) to Shell Nigeria Exploration and Production Company Ltd (10%) and Nigerian Agip Exploration (2.5%) for a total of $510 million.
**FAQ**
**What is the significance of TotalEnergies’ sale of its stake in Nigeria?**
The sale of a 40% stake in Nigerian offshore exploration licenses to Chevron signifies a strategic move to enhance collaboration between the two energy giants, aiming to unlock new resources and opportunities in the region while maintaining operational control.
