In a move aimed at strengthening collaboration between the French and U.S. energy giants, TotalEnergies, on Monday, said it will sell a 40% stake in two offshore exploration licenses in Nigeria to Chevron.
“This new joint venture aims at derisking and developing new opportunities in Nigeria … to unlock new resources in the West Delta basin,” Nicola Mavilla, Total’s senior vice president of exploration, said in a statement reported by Reuters.
Nigeria accounts for more than a third of TotalEnergies’ African oil and gas production and 8.5% of its global hydrocarbons, though its output in the country has declined by a quarter over the past two decades.
Following the sale, TotalEnergies will remain the operator of the site with 40% participation, alongside Chevron, also with 40%, and South Atlantic Petroleum at 20%.
It is now streamlining its African portfolio, focusing on assets it operates while seeking new sources of supply.
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In June, Chevron sold Total a 25% interest in a portfolio of 40 U.S. federal offshore leases for an undisclosed amount, as part of an exploration partnership between the majors.