TotalEnergies has expanded its presence in the US Gulf of Mexico by acquiring a 25% working interest in 26 Chevron-operated exploration leases. The deal also involves Chevron taking a 75% operating interest in two adjacent exploration leases owned by TotalEnergies. The leases are located 93 to 155 miles offshore, primarily in the Green Canyon area, with two blocks in Walker Ridge targeting deepwater subsea plays.
The transaction strengthens TotalEnergies' exploration portfolio in the United States, building on its existing partnership with Chevron. Nicola Mavilla, senior vice president of exploration at TotalEnergies, highlighted the deal's potential to unlock value-accretive, low-emissions resources. The French energy giant noted that this follows its earlier acquisition of interests in 40 Chevron-operated exploration blocks announced in June.
TotalEnergies' US offshore portfolio now includes multiple exploration plays and prospects, complementing its interests in producing assets such as Ballymore (40%), Anchor (37.14%), Jack (25%), and Tahiti (17%). The company views the transaction as a strategic move to expand its exposure to the US offshore sector while leveraging the complementary strengths of both companies.