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)
For comments and feedback contact: editorial@rttnews.com
Business News
April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.