Chevron to Sell 25% Working Interest in U.S. Offshore Acreage

Core Insights - Chevron Corporation (CVX) has signed an agreement with TotalEnergies SE (TTE) for the sale of a 25% working interest in 40 exploration leases currently operated by Chevron [1][9] - The transaction enhances the strategic partnership between Chevron and TotalEnergies, building on their previous collaborations in the Gulf of America [3][5] Details of the Offshore Blocks - The federal leases operated by Chevron cover an area of approximately 1,000 square kilometers, located 175-330 kilometers off the coast, including 13 blocks in Walker Ridge, 18 in East Breaks, and the remainder in the Mississippi Canyon area [2] Strategic Partnership Enhancement - This acquisition allows TotalEnergies to access several offshore exploration prospects, aligning with its objective to expand its exploration portfolio with cost-efficient and low-emission assets [4] - The deal builds on the success of previous projects, including the Ballymore project startup this year and the Anchor project achieving its first oil last year [5] Technological Advancements - Chevron and TotalEnergies plan to utilize advanced tools and technologies, including cutting-edge 3D imaging, to maximize the production potential of U.S. offshore oil and gas assets [5]