BUSINESS
Chevron Acquires 40% PPL from TotalEnergies to Strengthens its Global Collaboration
Star Deep Water Petroleum Limited, a Chevron company, has signed an agreement to acquire a 40% Working Interest (WI) in Petroleum Prospecting License (PPL) 2000 and PPL 2001 from TotalEnergies EP Nigeria.
The agreement is part of an ongoing discussion of global opportunities between Chevron and Total Energies.
The acquisition follows a separate agreement with TotalEnergies to collaborate on exploration opportunities offshore Nigeria.
The PPL 2000 and PPL 2001 blocks cover approximately 2,000 square kilometres in Nigeria’s West Delta basin.
TotalEnergies will retain operatorship with a 40% WI. South Atlantic Petroleum holds the remaining 20% WI. Completion of the agreement is subject to regulatory approvals.
“Chevron continues to grow and mature our global exploration portfolio with these blocks in the highly prolific Niger Delta petroleum system,” said Kevin McLachlan, Vice President of Exploration at Chevron.
“We look forward to working with TotalEnergies in Nigeria, in addition to our recent joint venture in the Gulf of America.”
“Chevron’s mission is to be a trusted partner in unlocking oil and gas prospects, bringing world-class technology, operational excellence, and a deep respect for the environment and local communities,” said Jim Swartz, Chairman and Managing Director of Chevron companies in Nigeria.
“We believe that Nigeria’s oil and gas industry stands at the threshold of tremendous growth, and we look forward to working with TotalEnergies as part of this journey.”
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