Total-Chevron
By Olayiwola Mercy
TotalEnergies just dropped a big announcement on Monday: they’re selling a 40 % slice of two offshore exploration licences in Nigeria to Chevron’s subsidiary Star Deep Water Petroleum. It’s the kind of headline that makes you sit up and take notice, especially with the West Delta basin finally getting some fresh attention after years of quiet.
The licences in question – PPL 2000 and PPL 2001 – cover roughly 2,000 km ² of promising deep‑water acreage. They were originally awarded to a consortium of TotalEnergies and South Atlantic Petroleum back in the 2024 exploration round, and now Chevron is stepping in as a 40 % partner, leaving the remaining 20 % with the local player.
Here’s the kicker: even after the sale, TotalEnergies will stay on as the operator, still holding a 40 % stake. That means they keep the reins on the projects while sharing the risk and the potential upside with Chevron, which also lands a 40 % share. The deal still needs the usual regulatory green‑lights, but the plan is to push ahead quickly once those boxes are ticked.
This isn’t the first time the two energy giants have teamed up. Earlier this year, TotalEnergies bought a 25 % interest in a portfolio of 40 U.S. federal offshore leases from Chevron, cementing a global exploration partnership that’s now extending into Nigeria’s West Delta basin.
For TotalEnergies, the move fits a broader strategy of reshaping its African portfolio. Nigeria still accounts for over a third of the company’s African oil‑and‑gas output and about 8.5 % of its global hydrocarbon production, though that output has slipped roughly 25 % over the past two decades. By selling a minority stake while retaining operatorship, they free up capital, reduce geological risk, and keep a foothold in a region that remains strategically important.
If all goes smoothly, the partnership could unlock new resources, boost the local supply chain, and give Nigerian service providers a fresh wave of opportunities. Investors are watching closely, because a successful joint venture here could signal more collaborative deals in the deep‑water sector, especially as the country rolls out its new Petroleum Industry Act framework.
