TotalEnergies EP Nigeria has signed a farmout agreement with Chevron to sell 40% participation in the PPL 2000 and PPL 2001 exploration licenses offshore Nigeria to Star Deep Water Petroleum Limited.
The PPL 2000 & 2001 licenses, located in the prolific West Delta basin, cover approximately 2,000 square kilometers and were awarded to a consortium comprising TotalEnergies and South Atlantic Petroleum in the 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission.
This new joint venture reinforces TotalEnergies’ global offshore exploration collaboration with Chevron, following the June acquisition of a 25% working interest in a portfolio of exploration leases Offshore U.S., comprising 40 Chevron-operated blocks.
“After launching our joint venture in US offshore exploration in June, we’re delighted to expand our collaboration to Nigeria now to unlock new resources in the West Delta basin,” said Nicola Mavilla, Senior Vice-President Exploration at TotalEnergies. “This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country.”
Completion of the farmout transaction with Chevron is subject to customary conditions, including regulatory approvals. TotalEnergies will remain the operator with a 40% participation alongside Chevron (40%) and South Atlantic Petroleum (20%).
