TotalEnergies To Sell Stake In Star Deep Water Petroleum To Chevron

(RTTNews) - TotalEnergies SE (TTE, TTE.PA), a French energy and petroleum company, said on Monday that its TotalEnergies EP Nigeria has signed a farmout deal to sell its stake in Star Deep Water Petroleum Limited, a Chevron Corp.(CVX) company, a 40% participation in the PPL 2000 and PPL 2001 exploration licenses, offshore Nigeria.

Located in the prolific West Delta basin, the PPL 2000 and 2001 licenses cover an area of around 2,000 square kilometers. The licenses were awarded to a consortium of TotalEnergies and South Atlantic Petroleum following exploration round 2024 organized by the Nigerian Upstream Petroleum Regulatory Commission.

Post transaction, TotalEnergies will remain as an operator with 40% participation, Chevron with 20%, and South Atlantic Petroleum with the remaining 20%.

Nicola Mavilla, Senior Vice-President Exploration at TotalEnergies, said: "This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country."