American multinational energy company, Chevron, says it has signed an agreement to acquire a 40% Working Interest (WI) in Petroleum Prospecting Licenses (PPLs) 2000 and 2001 from TotalEnergies EP Nigeria.

Chevron stated in a statement issued in Nigeria that the deal which is struck by one its local affiliates, Star Deep Water Petroleum Limited, is part of ongoing discussion of global opportunities between Chevron and Total Energies.

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The acquisition follows a separate agreement with TotalEnergies to collaborate on exploration opportunities offshore Nigeria.

The PPL 2000 and PPL 2001 blocks cover approximately 2,000 square kilometres in Nigeria’s West Delta basin. TotalEnergies will retain operatorship with 40% WI. South Atlantic Petroleum holds the remaining 20% WI.

Completion of the agreement is subject to regulatory approvals.

The Vice President of Exploration at Chevron, Kevin McLachlan, said “Chevron continues to grow and mature our global exploration portfolio with these blocks in the highly prolific Niger Delta petroleum system.”

“We look forward to working with TotalEnergies in Nigeria, in addition to our recent joint venture in the Gulf of America,” he added.

Chairman and Managing Director of Chevron companies in Nigeria, Jim Swartz, said “Chevron’s mission is to be a trusted partner in unlocking oil and gas prospects, bringing world-class technology, operational excellence, and a deep respect for the environment and local communities.”

“We believe that Nigeria’s oil and gas industry stands at the threshold of tremendous growth, and we look forward to working with TotalEnergies as part of this journey.”