Exploration: TotalEnergies Strengthens its Global Collaboration with Chevron

Core Insights - TotalEnergies has signed a farmout agreement to sell a 40% participation in the PPL 2000 and PPL 2001 exploration licenses offshore Nigeria to Chevron's subsidiary, Star Deep Water Petroleum Limited, enhancing their global collaboration in exploration [1][10] - The PPL 2000 and PPL 2001 licenses cover approximately 2,000 square kilometers in the West Delta basin and were awarded to a consortium including TotalEnergies and South Atlantic Petroleum [2] - TotalEnergies will maintain operational control with a 40% stake, alongside Chevron (40%) and South Atlantic Petroleum (20%) [2] Company Operations - TotalEnergies has been active in Nigeria for over 60 years, employing more than 1,800 people and producing 209,000 barrels of oil equivalent per day (boe/d) in 2024 [5] - The company operates around 540 service stations in Nigeria and is committed to socio-economic development in the region [5] - TotalEnergies is a global integrated energy company involved in various energy sectors, including oil, natural gas, renewables, and electricity, with over 100,000 employees across approximately 120 countries [6] Strategic Developments - The new joint venture in Nigeria follows a previous collaboration in June, where TotalEnergies acquired a 25% working interest in a portfolio of exploration leases offshore the U.S., comprising 40 Chevron-operated blocks [3][4] - The joint venture aims to de-risk and develop new opportunities in Nigeria, aligning with the country's objectives [4] - The completion of the farmout transaction is subject to customary conditions, including regulatory approvals [4]