TotalEnergies has acquired a 25% working interest in 26 offshore exploration leases operated by Chevron in the US.
The transaction also sees Chevron assume a 75% operated interest in two exploration leases held by the French company that are adjacent to existing jointly held blocks.
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The 26 leases lie 150 to 250km from shore and consist of 24 blocks in the Green Canyon area and two blocks in Walker Ridge, both established sites for offshore oil and gas activity.
This agreement builds on a previous move by TotalEnergies to enter 40 Chevron-operated exploration blocks in June 2025.
Those federal Outer Continental Shelf (OCS) leases span about 1,000km² and are situated 175 to 330km from the coast. Of those, 13 are in the Walker Ridge area, nine are in Mississippi Canyon, and 18 are located in East Breaks.
According to TotalEnergies, the deal intended to give the company access to a variety of exploration prospects and enhance its US offshore portfolio.
The expanded portfolio allows TotalEnergies to pursue a range of exploration opportunities alongside its current stakes in the producing Ballymore (40%), Anchor (37.14%), Jack (25%), and Tahiti (17%) fields.
TotalEnergies exploration senior vice president Nicola Mavilla said: “This transaction with Chevron further strengthens our joint exploration portfolio in the US.
“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.”
TotalEnergies has had a presence in the US since 1957 and is following a strategy of integrated energy development in the country.
Since 2022, the company has invested close to $12bn in US projects in oil, liquefied natural gas (LNG), and electricity. Its LNG operations include upstream gas assets in Texas and offshore projects, with a target of exporting 19mt in 2025.
Last month, TotalEnergies and its partners the State Oil Company of the Republic of Azerbaijan (SOCAR) and XRG made a final investment decision (FID) to move ahead with full field development at the Absheron gas and condensate field in the Caspian Sea.
