TotalEnergies EP Nigeria sells 40% stake in PPL 2000 and 2001 offshore licences to Chevron’s Star Deep Water Petroleum. Licences cover 2,000km² in West Delta basin. Consortium awarded licences during 2024 Exploration Round. TotalEnergies to remain operator with 40% stake, Chevron holds another 40%, South Atlantic Petroleum has 20%.

Farmout transaction closure contingent on regulatory approvals. TotalEnergies strengthens global offshore exploration collaboration with Chevron. TotalEnergies’ VP Nicola Mavilla says the new JV in Nigeria aims to unlock new resources in the West Delta basin, aligning with the country’s objectives. TotalEnergies recently sold non-operated stake in Bonga deep-water oilfield offshore Nigeria.

Chevron forecasts over 10% growth in annual adjusted free cash flow and earnings per share through 2030, based on $70 per barrel Brent crude prices. Capital expenditure guidance lowered to $18bn–$21bn per year.

Read more at Yahoo Finance: TotalEnergies to sell 40% stake in Nigerian offshore licences to Chevron company