TotalEnergies has deepened its worldwide cooperation with Chevron by signing a farmout agreement through TotalEnergies EP Nigeria to transfer a 40% interest in the PPL 2000 and PPL 2001 offshore exploration licenses to Star Deep Water Petroleum Limited, a Chevron company. The agreement follows ongoing discussions between the two companies regarding international exploration opportunities.
The PPL 2000 and PPL 2001 blocks, located in Nigeria’s highly productive West Delta basin, cover roughly 2,000 square kilometers. The licenses were awarded in the 2024 Exploration Round conducted by the Nigerian Upstream Petroleum Regulatory Commission to a consortium comprising TotalEnergies and South Atlantic Petroleum.
Under the revised structure, TotalEnergies will retain operatorship and a 40% stake, with Chevron holding 40% and South Atlantic Petroleum maintaining 20%. This agreement marks another step forward in strengthening the companies’ offshore exploration relationship, following Chevron’s acquisition in June of a 25% working interest in a portfolio of 40 Chevron-operated offshore U.S. exploration blocks.
Nicola Mavilla, Senior Vice President for Exploration at TotalEnergies, stated: “After establishing our U.S. offshore exploration partnership in June, we are pleased to extend our cooperation to Nigeria and pursue promising opportunities in the West Delta basin. This joint venture reflects our shared ambition to advance exploration activities in support of Nigeria’s goals.”
Completion of the farmout transaction remains subject to standard conditions, including regulatory approvals. TotalEnergies has operated in Nigeria for over six decades and currently employs more than 1,800 people across a range of activities. Nigeria is one of the company’s most significant contributors to global hydrocarbon output, supplying 209,000 boe/d in 2024. The company also manages an extensive retail network of approximately 540 service stations nationwide and maintains a long-standing commitment to supporting socio-economic development and local communities.
TotalEnergies is a global integrated energy company active across the oil, natural gas, biofuels, hydrogen, renewable energy, and electricity sectors. With more than 100,000 employees and operations in about 120 countries, the company is dedicated
