TotalEnergies, a French oil group, yesterday said it would be selling a 40-per cent stake in Nigerian offshore exploration licences to subsidiary Chevron, a United States oil giant.
Total Energies also said in a statement that the decision is a move aimed at strengthening collaboration between the French and U.S. energy giants.
It added that it signed an agreement to sell its stake in licences for two areas covering 2,000 square kilometres in the West Delta basin to Star Deep Water Petroleum Limited, subject to regulatory approval.
TotalEnergies will operate the sites, retaining a 40-per-cent stake, with its consortium partner South Atlantic Petroleum holding 20 per cent. Nigeria accounts for more than a third of TotalEnergies’ African oil and gas production and 8.5 per cent of its global hydrocarbons, though its output in the country has declined by a quarter over the past two decades.
This new joint venture reinforces TotalEnergies’ global offshore exploration collaboration with Chevron” after the French firm took a share in US offshore exploration leases, the statement added.
TotalEnergies’ Senior Vice-President for Exploration, Nicola Mavilla, said the venture “aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country.”
