TotalEnergies, the French oil and gas supermajor, has announced plans to sell a 40% stake in two offshore exploration licenses in Nigeria to Chevron.
The move is aimed at strengthening collaboration between the French and U.S. energy giants, the company said on Monday, as reported by Reuters.
If the sale is completed, TotalEnergies will remain the operator of the asset with a 40% participating interest, alongside Chevron, also with 40%, and South Atlantic Petroleum with 20%.
Nigeria accounts for more than a third of TotalEnergies’ oil and gas production in Africa and 8.5% of its global hydrocarbons output, although its production in the country has declined by a quarter over the past two decades.
The company is now streamlining its African portfolio, focusing on assets it operates while seeking new sources of supply.
“This new joint venture aims at derisking and developing new opportunities in Nigeria … to unlock new resources in the West Delta basin,” Nicola Mavilla, TotalEnergies’ Senior Vice President of Exploration, said in a statement.
In June, Chevron sold TotalEnergies a 25% interest in a portfolio of 40 U.S. federal offshore leases for an undisclosed amount, as part of an exploration partnership between the two majors.
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