TotalEnergies has agreed to sell a major stake in two Nigerian exploration blocks to Chevron, deepening cooperation between the two energy majors in West Africa’s promising offshore zones. The blocks, PPL 2000 and PPL 2001, lie in the resource-rich West Delta basin, where TotalEnergies secured exploration rights during Nigeria’s 2024 licensing round. Under the proposed partnership, TotalEnergies will retain a 40% stake and continue operating the blocks, while Chevron will acquire an equal 40% share. South Atlantic Petroleum, a local firm, will retain its 20% share. The deal aligns with TotalEnergies and Chevron’s broader strategy to expand in frontier basins and follows earlier collaborations in the United States. If finalized, the partnership could unlock new deepwater opportunities as Nigeria seeks to attract investment amid evolving industry regulations.
RFI
