TotalEnergies EP Nigeria has signed a farmout agreement to sell to Star Deep Water Petroleum, a Chevron company, a 40% participation in the PPL 2000 and PPL 2001 exploration licenses, offshore Nigeria.
Located in the prolific West Delta basin, the PPL 2000 & 2001 licenses are covering an area of approximately 2,000 square kilometers and were awarded to a consortium of TotalEnergies and South Atlantic Petroleum following the 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission.
TotalEnergies will remain operator with a 40% participation alongside Chevron (40%) and South Atlantic Petroleum (20%).
This new joint venture reinforces TotalEnergies’ global offshore exploration collaboration with Chevron, following the June acquisition of a 25% working interest in a portfolio of exploration leases Offshore U.S. comprising 40 Chevron-operated blocks.
"After launching our joint venture in U.S. offshore exploration in June, we’re delighted to now expand our collaboration to Nigeria to unlock new resources in the West Delta basin.
“This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country,” said Nicola Mavilla, Senior Vice-President Exploration at TotalEnergies.
Completion of the farmout transaction with Chevron is subject to customary conditions, including regulatory approvals.