TotalEnergies EP Nigeria has signed a farm-out agreement with Chevron subsidiary Star Deep Water Petroleum for a 40% stake in the PPL 2000 and PPL 2001 offshore exploration licences in Nigeria, TotalEnergies announced on Monday.
The PPL 2000 and PPL 2001 licences were awarded to TotalEnergies in the 2024 Exploration Round by the Nigerian Upstream Petroleum Regulatory Commission and cover around 2,000 square kilometres in the West Delta basin.
Following the agreement with Chevron, TotalEnergies retains a 40% interest and operatorship of the blocks, with South Atlantic Petroleum holding the remaining 20%.
“This new joint venture aims at de-risking and developing new opportunities in Nigeria, in line with the objectives of the country,” said TotalEnergies senior vice-president of exploration Nicola Mavilla.
The Nigeria deal builds on a June 2025 agreement between the companies under which TotalEnergies acquired a 25% working interest in a Chevron-operated portfolio of exploration leases in the US Gulf of Mexico, specifically 13 blocks in the Walker Ridge area, nine blocks in the Mississippi Canyon area and 18 blocks in the East Breaks area.
TotalEnergies has operated in Nigeria for more than 60 years and the country is one of the largest contributors to the company’s oil and gas production, accounting for 209,000 boepd in 2024. Chevron operates in Nigeria through Star Deep Water Petroleum and other subsidiaries, both offshore and onshore.