Key highlights
- TotalEnergies sells 40% of PPL 2000 and PPL 2001 licenses to Chevron.
- The licenses cover 2,000 square kilometers in the West Delta basin.
- TotalEnergies remains operator with 40% participation.
- Completion requires regulatory approvals.
Agreement Details
TotalEnergies EP Nigeria has signed a farmout agreement with Star Deep Water Petroleum Limited, a Chevron company, to sell a 40% participation in the PPL 2000 and PPL 2001 exploration licenses offshore Nigeria.
Location and Ownership
The licenses are located in the West Delta basin, covering approximately 2,000 square kilometers. TotalEnergies will remain the operator with a 40% stake, alongside Chevron's 40% and South Atlantic Petroleum's 20%.
Strategic Expansion
This joint venture strengthens TotalEnergies' offshore exploration collaboration with Chevron, following their June acquisition of a 25% interest in Chevron-operated exploration blocks offshore the U.S.
Regulatory Approvals
The completion of the farmout transaction is subject to customary conditions, including regulatory approvals.
