TotalEnergies to sell 40% offshore stake in Nigeria to Chevron

TotalEnergies has announced plans to sell a 40% stake in two Nigerian offshore exploration licences to Chevron, a move aimed at boosting cooperation between the two energy giants.

The company said the new partnership will help reduce risk and open up fresh opportunities in the West Delta basin.

Despite Nigeria contributing significantly to its African and global output, TotalEnergies’ production in the country has dropped over the past two decades. After the sale, the firm will remain operator of the licences with 40% equity, while Chevron holds 40% and South Atlantic Petroleum retains 20%, as TotalEnergies focuses on assets it directly manages.

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