LA DEFENSE (dpa-AFX) - French energy major TotalEnergies SE (TTE, TTE.PA), Monday said its unit TotalEnergies EP Nigeria signed a farmout deal to sell 40% stake in the PPL 2000 and PPL 2001 exploration licenses, offshore Nigeria to Star Deep Water Petroleum Limited, a Chevron company.
Located in the prolific West Delta basin, the PPL 2000 and 2001 licenses cover an area of around 2,000 square kilometers. The licenses were awarded to a consortium of TotalEnergies and South Atlantic Petroleum following exploration round 2024 organized by the Nigerian Upstream Petroleum Regulatory Commission.
Post transaction, TotalEnergies will remain as an operator with 40% participation, Chevron with 20%, and South Atlantic Petroleum with the remaining 20%.
Nicola Mavilla, Senior Vice-President Exploration at TotalEnergies, said: 'This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country.'
(Amendment: Corrects Headline and intro to mean that the stake sale is to Star Deep Water, a Chevron company)
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