Chevron acquires 40% stake in two Nigerian offshore blocks from TotalEnergies

Chevron has expanded its footprint in Nigeria’s offshore oil sector with a new agreement to acquire a 40 percent working interest in Petroleum Prospecting License (PPL) 2000 and PPL 2001 from TotalEnergies EP Nigeria.

Star Deep Water Petroleum Limited, a Chevron subsidiary, signed the deal as part of broader global collaboration discussions between the two energy giants.

The acquisition aligns with a separate agreement between Chevron and TotalEnergies to jointly pursue exploration opportunities offshore Nigeria.

The two blocks, covering about 2,000 square kilometres in the West Delta basin, remain under the operatorship of TotalEnergies, which will retain a 40 percent stake.

South Atlantic Petroleum (SAPETRO) holds the remaining 20 percent. The transaction is subject to regulatory approval.

Kevin McLachlan, Chevron’s Vice President of Exploration, said the acquisition strengthens the company’s global portfolio in a region known for high petroleum potential.

“Chevron continues to grow and mature our global exploration portfolio with these blocks in the highly prolific Niger Delta petroleum system,” he said.

“We look forward to working with TotalEnergies in Nigeria, in addition to our recent joint venture in the Gulf of America.”

Jim Swartz, Chairman and Managing Director of Chevron companies in Nigeria, described the partnership as part of Chevron’s strategic commitment to helping unlock Nigeria’s resource potential.

“Chevron’s mission is to be a trusted partner in unlocking oil and gas prospects, bringing world-class technology, operational excellence, and a deep respect for the environment and local communities,” he said.

“We believe that Nigeria’s oil and gas industry stands at the threshold of tremendous growth.”

The agreement marks another step in the energy majors’ efforts to deepen cooperation, expand exploration activities, and tap into opportunities within Nigeria’s offshore basins.