TotalEnergies has entered a new partnership arrangement in Nigeria after agreeing to sell a 40 per cent stake in two offshore exploration licences to Star Deep Water Petroleum Limited, a subsidiary of U.S. oil major Chevron.

The agreement covers two licences located in the West Delta basin, spanning roughly 2,000 square kilometres. The French energy company announced the deal on Monday, noting that it is still subject to approval from Nigerian regulators before it becomes fully effective.

Under the new structure, TotalEnergies will remain the operator of the assets and retain a 40 per cent interest, while its long-standing partner, South Atlantic Petroleum (SAPETRO), will continue holding the remaining 20 per cent stake.

The company said the partnership strengthens its broader global collaboration with Chevron in offshore exploration, pointing to recent expansions involving both firms in other international deepwater projects.

TotalEnergies’ Senior Vice-President for Exploration, Nicola Mavilla, described the transaction as an opportunity to broaden exploration activity in Nigeria and pursue new prospects that align with the country’s resource development goals. He added that the collaboration positions the companies to better derisk and develop new offshore opportunities.