In a significant move within Nigeria's energy sector, French oil and gas multinational TotalEnergies has announced the sale of a major stake in its offshore exploration assets to American energy titan Chevron.
Details of the Strategic Deal
The transaction, disclosed on Monday, 1 December 2025, involves TotalEnergies divesting a 40-percent interest in exploration licences for two offshore areas. The buyer is Star Deep Water Petroleum Limited, a subsidiary of the US-based Chevron Corporation.
The licences cover a substantial area of approximately 2,000 square kilometres located in the prolific West Delta basin off the coast of Nigeria. The agreement is pending the approval of relevant regulatory authorities.
New Joint Venture Structure
Despite the sale, TotalEnergies will remain the operator of the sites and will retain a matching 40-percent stake for itself. The remaining 20 percent is held by their consortium partner, South Atlantic Petroleum (SAPETRO), a Nigerian exploration and production company.
This arrangement creates a new joint venture, strengthening the existing global partnership between TotalEnergies and Chevron in offshore exploration. This follows a previous collaboration where TotalEnergies acquired a share in Chevron's offshore exploration leases in the United States.
Aligning with Nigeria's Objectives
Nicola Mavilla, TotalEnergies' Senior Vice-President for Exploration, commented on the strategic rationale behind the deal. He stated that the venture is designed to "derisk and develop new opportunities in Nigeria". Mavilla emphasized that this goal is in line with the economic and energy objectives of the country, suggesting a commitment to supporting local development and resource exploitation.
This transaction highlights the continued international interest in Nigeria's offshore hydrocarbon potential, even as the global energy landscape evolves. It represents a strategic reshuffling of assets between two of the world's largest energy players, focused on a key African oil-producing nation.
