Chevron Acquires 40% Stake in Two Deepwater Blocks from TotalEnergies, Deepens Strategic Partnership in Nigeria

Chevron has further solidified its long-standing global alliance with TotalEnergies through a new deepwater acquisition in Nigeria, marking another milestone in the two energy giants’ expanding cooperation.

Star Deepwater Petroleum Limited, a Chevron affiliate, has entered into a definitive agreement to acquire a 40% working interest in Petroleum Prospecting Licenses (PPL) 2000 and PPL 2001 from TotalEnergies EP Nigeria. The two contiguous blocks, located in the highly prospective West Niger Delta basin, span approximately 2,000 square kilometres of deepwater acreage.

Upon closing, the new ownership structure will be:
– TotalEnergies (Operator) – 40%
– Chevron – 40%
– South Atlantic Petroleum – 20%

The transaction remains subject to customary regulatory approvals and closing conditions.

Kevin McLachlan, Chevron’s Vice President of Exploration, stated:
“This acquisition strengthens Chevron’s global exploration portfolio within the prolific Niger Delta petroleum system. We are excited to extend our successful partnership with TotalEnergies from recent joint ventures in the Gulf of Mexico to the promising offshore Nigeria acreage.”

Jim Swartz, Chairman and Managing Director of Chevron’s Nigerian subsidiaries, added:
“Chevron is committed to being a trusted partner that delivers world-class technology, operational excellence, and genuine respect for local communities and the environment. Nigeria’s oil and gas sector is poised for significant growth, and we look forward to collaborating with TotalEnergies and our partners to responsibly unlock these deepwater opportunities.”

The deal builds on an existing framework agreement between Chevron and TotalEnergies to jointly pursue select exploration prospects offshore Nigeria, reinforcing both companies’ confidence in the country’s deepwater potential despite the global energy transition.

Industry observers view the transaction as a strong vote of confidence by two international majors in Nigeria’s upstream sector, particularly at a time when several peers have divested non-operated or marginal assets.