TotalEnergies SE (NYSE:TTE) on Monday disclosed that TotalEnergies EP Nigeria has agreed to sell a 40% interest in the PPL 2000 and PPL 2001 exploration licenses to a Chevron Corporation (NYSE:CVX) company, Star Deep Water Petroleum Limited.

This deal is a part of ongoing collaboration discussions between the two firms.

The offshore blocks in Nigeria's West Delta basin span roughly 2,000 square kilometers and were awarded to a consortium of TotalEnergies and South Atlantic Petroleum.

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Following this, TotalEnergies will continue as operator with a 40% stake, alongside Chevron at 40% and South Atlantic Petroleum at 20%.

The deal expands the companies' global offshore partnership, following Chevron's June acquisition of a 25% interest in a portfolio of 40 Chevron-operated U.S. offshore blocks.

Nicola Mavilla, Senior Vice-President Exploration at TotalEnergies, added, "This ...