French oil group, TotalEnergies, said on Monday it was selling a 40-per cent stake in Nigerian offshore exploration licences to a subsidiary of US giant, Chevron.
TotalEnergies signed an agreement to sell its stake in licences for two areas covering 2,000 square kilometres in the West Delta basin to Star Deep Water Petroleum Limited, subject to regulatory approval, it said in a statement.
TotalEnergies will operate the sites, retaining a 40-per-cent stake, with its consortium partner South Atlantic Petroleum holding 20 per cent.
“This new joint venture reinforces TotalEnergies’ global offshore exploration collaboration with Chevron” after the French firm took a share in US offshore exploration leases, the statement said.
Nicola Mavilla, TotalEnergies’ senior vice-president for exploration, said the venture “aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country”.
AFP