French energy company TotalEnergies has announced the sale of a 40 per cent stake in its Nigerian offshore exploration licences to Star Deep Water Petroleum Limited, a subsidiary of US oil major Chevron.

The deal, reported by Reuters, covers two licence areas totaling 2,000 square kilometres in the West Delta basin. TotalEnergies noted that the transaction remains subject to regulatory approval.

Following the sale, TotalEnergies will continue to operate the sites and retain a 40 per cent interest, while consortium partner South Atlantic Petroleum will maintain its 20 per cent stake.

The company described the partnership as a strategic step to strengthen its global offshore exploration collaboration with Chevron, building on its recent acquisitions in US offshore exploration leases.

Nicola Mavilla, TotalEnergies’ senior vice-president for exploration, said the venture is aimed at “derisking and developing new opportunities in Nigeria, in line with the country’s objectives.”