Table of Contents
- Announcement of Sale
- Details of the Agreement
- Operational Control
- Benefits of the Partnership
- Exploration Goals
The French energy giant, TotalEnergies, has revealed the sale of a 40 percent interest in its Nigerian offshore exploration licenses to Star Deep Water Petroleum Limited, a subsidiary of the American oil major Chevron.
As reported by Reuters, the agreement encompasses two license areas covering 2,000 square kilometers in the West Delta basin. TotalEnergies stated on Monday that the transaction is pending regulatory approval.
Even after the sale, the company will continue to manage the sites and retain a 40 percent interest, while its consortium partner, South Atlantic Petroleum, will keep its 20 percent stake.
TotalEnergies characterized the new partnership as a significant enhancement to its global offshore exploration collaboration with Chevron, highlighting that it follows the French firm’s acquisition of interests in U.S. offshore exploration leases.
Nicola Mavilla, the company’s senior vice-president for exploration, stated that the venture is set to “de-risk and develop new opportunities in Nigeria, in alignment with the country’s objectives.”
Frequently Asked Questions
What is TotalEnergies' recent announcement about?
TotalEnergies has announced the sale of a 40 percent stake in its Nigerian offshore exploration licenses to Star Deep Water Petroleum Limited, a subsidiary of Chevron.
What areas do the licenses cover?
The licenses cover two areas spanning 2,000 square kilometers in the West Delta basin.
Will TotalEnergies still be involved in the operations after the sale?
Yes, TotalEnergies will continue to operate the sites and will retain a 40 percent interest in them.
What is the significance of the partnership with Chevron?
TotalEnergies sees the partnership as a way to enhance its global offshore exploration efforts and follows its acquisition of U.S. offshore exploration leases.
What are the goals of the new venture?
The venture aims to de-risk and develop new opportunities in Nigeria, aligning with the country's objectives.
Eze Chidiebere Paul
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