TotalEnergies completed the $800 million sale of its 10% non-operated interest in Nigeria's Renaissance joint venture. Despite this divestment, the company retains its full economic interest in three gas licenses that account for 50% of Nigeria's LNG supply. Simultaneously, the firm expanded its U.S. presence by acquiring a 25% interest in 26 offshore exploration leases operated by Chevron. Additionally, Chevron acquired a 75% operated interest from TotalEnergies in two exploration leases adjacent to existing holdings.
The swap also transfers a 75% operating interest to Chevron in two TotalEnergies contracts, while most of the new contracts are concentrated in Green Canyon.
Read the full storyThe exit covers 15 oil licenses with attributable production of about 16,000 barrels of oil equivalent per day in 2025, while the company retains its economic interest in the gas licenses.