French energy company TotalEnergies says it is selling 40% working interest in two exploration licences offshore Nigeria to Star Deep Water Petroleum Limited, a subsidiary of Chevron.
This was disclosed in a report by Reuters on Monday, quoting a senior official of TotalEnergies, marking another major shift in the company’s reshuffle strategy in Nigeria.
The transaction involves the TotalEnergies-operated offshore oil exploration licenses PPL 2000 and PPL 2001, located in the prolific West Delta basin.
“This new joint venture is aimed at derisking and developing new opportunities in Nigeria … to unlock new resources in the West Delta basin,” said Nicola Mavilla, Total’s senior vice president of exploration.
The price of the transaction is not immediately clear.
When approved by the regulatory authorities, the deal would leave TotalEnergies as the operator (40%) of the asset, alongside Chevron (40%) and South Atlantic Petroleum (20%).
TotalEnergies has recently reshaped its Nigerian portfolio by divesting its stake in some deepwater fields while simultaneously acquiring new exploration interests.
TotalEnergies’ recent asset reshuffle in Nigeria
TotalEnergies completed the sale of its 12.5% non-operated interest in Oil Mining Lease (OML) 118, which includes the prolific Bonga deepwater field, to Shell (10%) and Agip Exploration (2.5%).
The $510 million deal was approved by Nigeria’s upstream regulator in September 2025.
The divestment reflects TotalEnergies’ ongoing portfolio rebalancing, focusing on assets where it has stronger operational control and long-term growth potential.
In November 2025, TotalEnergies signed an agreement with Conoil to acquire a 50% operating interest in Oil Prospecting Licence (OPL) 257, located offshore Nigeria.
As part of the deal, Conoil acquired TotalEnergies’ 40% stake in OML 136, while TotalEnergies increased its interest in OPL 257 from 40% to 90%.
OPL 257 lies adjacent to the Egina South field, discovered in 2005, which extends into the block. An appraisal well is scheduled for 2026, highlighting TotalEnergies’ commitment to deepwater exploration in Nigeria.
TotalEnergies’ broader footprint in Nigeria
TotalEnergies has one of the largest foreign energy footprints in Nigeria, spanning oil and gas exploration, LNG, retail, and renewable energy projects.
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.
The company has been active in the country since 1956 and continues to play a central role in Nigeria’s energy sector.
TotalEnergies’ oil production in Nigeria is mainly offshore, with significant deepwater assets such as Egina, Akpo, and Ikike fields.
The company contributes substantially to Nigeria’s crude oil output, producing over 200,000 barrels of oil equivalent per day in recent years.
It holds a stake in the Nigeria LNG plant, one of Africa’s largest natural gas liquefaction facilities and operates around 530 service stations across Nigeria.
The company is balancing oil and gas operations with investments in renewables, aligning with its global energy transition strategy.
The West Delta assets fit into TotalEnergies’ portfolio reshuffle, where the company divests from non-operated stakes to consolidate operated positions in promising assets or those with near term development prospects.
In June, Chevron sold TotalEnergies a 25% interest in a portfolio of 40 U.S. federal offshore leases for an undisclosed amount.
The joint venture model strengthens offshore collaboration between TotalEnergies and Chevron—some of the world’s largest oil companies—helping them to combine technical expertise and financial resources to accelerate exploration.
