TotalEnergies acquires 25% stakes in 26 US offshore leases
Key points
- TotalEnergies (NYSE:TTE) agreed to acquire a 25% working interest in 26 Chevron-operated exploration leases offshore the United States.
- Chevron will acquire a 75% operated interest in two exploration leases from TotalEnergies as part of the transaction.
- TotalEnergies says the deal expands its US offshore exploration portfolio and adds prospects alongside its existing Gulf of Mexico producing assets.
TotalEnergies (NYSE:TTE) agreed to acquire a 25% working interest in 26 Chevron-operated exploration leases offshore the United States, expanding its Gulf of Mexico exploration portfolio.
The leases cover 24 blocks in the Green Canyon area and two in the Walker Ridge area, located 150–250 kilometers offshore.
“This transaction with Chevron further strengthens our joint exploration portfolio in the United States,” said Nicola Mavilla, senior vice president of exploration at TotalEnergies.
Under the reciprocal agreement, Chevron will acquire a 75% operated interest in two exploration leases from TotalEnergies, which will retain its existing interests in producing assets including Ballymore, Anchor, Jack and Tahiti.
The transaction builds on TotalEnergies' June 2025 entry into 40 Chevron-operated exploration blocks and extends an existing partnership between the companies.
TotalEnergies says it has invested nearly $12 billion in the United States since 2022 across oil, liquefied natural gas and electricity, and reported 10 gigawatts of installed power capacity in the country.
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