TotalEnergies to Sell 40% of Nigerian Assets to Chevron in Strategic Move

TotalEnergies has announced a plan to sell a 40% stake in two offshore exploration licenses in Nigeria to Chevron, aiming to enhance collaboration between the French energy giant and the US-based Chevron. TotalEnergies will retain operational control of the sites with a 40% stake, while Chevron will hold 40% and South Atlantic Petroleum will have 20%.

The move is part of TotalEnergies' strategy to streamline its African portfolio and focus on asset operations while seeking new sources of supply. The deal follows Chevron's recent sale of a 25% interest in its US offshore leases to TotalEnergies.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will oversee the operations.