Chevron Agrees to Buy 40% Stake in Two Nigerian Oil Blocks from TotalEnergies

Star Deep Water Petroleum Limited, a Chevron company, has signed an agreement to acquire a 40% working interest in Petroleum Prospecting License (PPL) 2000 and PPL 2001 from TotalEnergies EP Nigeria.
The acquisition follows a separate agreement with TotalEnergies to collaborate on exploration opportunities offshore Nigeria, according to a statement on Sunday.

The PPL 2000 and PPL 2001 blocks cover approximately 2,000 square kilometres in Nigeria’s West Delta basin. TotalEnergies will retain operatorship with a 40% working interest. South Atlantic Petroleum holds the remaining 20%. Completion of the agreement is subject to regulatory approvals.

“Chevron continues to grow and mature our global exploration portfolio with these blocks in the highly prolific Niger Delta petroleum system,” said Kevin McLachlan, Vice President of Exploration at Chevron. “We look forward to working with TotalEnergies in Nigeria, in addition to our recent joint venture in the Gulf of America.”

“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,” said Jim Swartz, Chairman and Managing Director of Chevron companies in Nigeria. “We believe that Nigeria’s oil and gas industry stands at the threshold of tremendous growth, and we look forward to working with TotalEnergies as part of this journey.”