By Obinna Uballa
French oil major TotalEnergies announced on Monday that it is selling a 40-per-cent stake in its Nigerian offshore exploration licences to a subsidiary of US energy giant Chevron.
The sale, according to the announcement, covers two offshore areas spanning 2,000 square kilometres in the West Delta basin and is subject to regulatory approval, TotalEnergies said in a statement. Under the agreement, TotalEnergies will continue to operate the sites while retaining a 40-per-cent interest, with consortium partner South Atlantic Petroleum holding the remaining 20 per cent.
“This new joint venture reinforces TotalEnergies’ global offshore exploration collaboration with Chevron,” the company said, noting that it follows TotalEnergies’ recent acquisition of a share in US offshore exploration leases.
Nicola Mavilla, TotalEnergies’ Senior Vice-President for Exploration, said the partnership is intended “to de-risk and develop new opportunities in Nigeria, in line with the objectives of the country.”
