TotalEnergies has acquired a 25% working interest in 26 Chevron-operated exploration leases in the US Gulf of Mexico. As part of the transaction, Chevron will acquire a 75% operating interest in two TotalEnergies exploration leases adjacent to acreage already jointly held by the companies.
The leases are located 93 to155 miles offshore, with most situated in the Green Canyon area. Two blocks are located in Walker Ridge and target established deepwater subsea plays.
TotalEnergies said the transaction expands its exposure to the US offshore sector while building on its existing exploration partnership with Chevron. The deal follows the company's acquisition of interests in 40 Chevron-operated exploration blocks announced in June.
“This transaction with Chevron further strengthens our joint exploration portfolio in the United States. It provides TotalEnergies with access to a new set of high-impact opportunities with the potential to unlock value-accretive, low-emissions resources while leveraging the complementary strengths of both companies,” Nicola Mavilla, a senior vice president of exploration at TotalEnergies, said in a statement.
The French supermajor added in its announcement that its US offshore portfolio provides access to multiple exploration plays and prospects and will complement its interests in producing assets that include Ballymore (40%), Anchor (37.14%), Jack (25%), and Tahiti (17%).
