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In a move designed to boost cooperation between the French and U.S. energy giants, TotalEnergies announced on Monday that it will sell a 40% stake in two offshore exploration licences in Nigeria to Chevron.
“This new joint venture aims to reduce risk and develop fresh opportunities in Nigeria … to unlock new resources in the West Delta basin,” said Nicola Mavilla, Total’s senior vice president for exploration, in a statement reported by Reuters.
Nigeria provides more than one-third of TotalEnergies’ African oil and gas output and 8.5% of its global hydrocarbons. However, its production in the country has fallen by around 25% over the past 20 years.
After the transaction, TotalEnergies will continue as operator with a 40% share, Chevron will also hold 40%, and South Atlantic Petroleum will retain 20%.
The company is currently streamlining its African portfolio, concentrating on assets it operates while seeking new supply opportunities.
In June, Chevron sold Total a 25% interest in 40 U.S. federal offshore leases for an undisclosed sum as part of the firms’ broader exploration partnership.
