TotalEnergies Grows US Oil and Gas Portfolio with Chevron Deal
TotalEnergies has acquired a 25% working interest in a portfolio of exploration leases offshore U.S. from Chevron, which acts as the operator.
TotalEnergies has entered 40 Chevron-operated exploration blocks, growing its portfolio of U.S. offshore oil and gas assets.
TotalEnergies has acquired a 25% working interest in a portfolio of exploration leases offshore U.S. from Chevron, which acts as the operator.
The 40 Outer Continental Shelf (OCS) federal leases, spanning approximately 1,000 km2 and located 175 to 330 km from shore, include 13 blocks located in the Walker Ridge area, 9 blocks in the Mississippi Canyon area and 18 blocks in the East Breaks area.
The transaction provides access to multiple offshore exploration plays and prospects, strengthening the successful U.S. offshore collaboration with Chevron beyond the existing partnerships in Ballymore (40% TotalEnergies) which achieved first production this year, Anchor (37.14%) where production started in 2024, and the Jack (25%) and Tahiti (17%) producing assets.
“This transaction is in line with our consistent strategy of filling our Exploration portfolio with low cost and low emissions options, and will significantly expand TotalEnergies’ Offshore U.S. exploration acreage, combining a wide range of geological plays and prospectivity.
“Building on the momentum of the recent Ballymore and Anchor startups, we are very pleased to expand our successful partnership with Chevron, and we expect to mature Exploration drill decisions on these blocks utilizing advanced 3D imaging technology to unlock large remaining U.S. offshore production potential,” said Kevin McLachlan, Senior Vice- President Exploration.
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Interesting transaction - it’ll be more interesting as terms become understood.