French oil group TotalEnergies said Monday it was selling a 40-percent stake in Nigerian offshore exploration licences to a subsidiary of US giant Chevron.

TotalEnergies signed an agreement to sell to Star Deep Water Petroleum Limited the stake in licences for two areas covering 2,000 square kilometres in the West Delta basin, subject to regulation, it said in a statement.

TotalEnergies will operate the sites, retaining a 40-percent stake, with its consortium partner South Atlantic Petroleum holding 20 percent.

“This new joint venture reinforces TotalEnergies‘ global offshore exploration collaboration with Chevron” after the French firm took a share in US offshore exploration leases, the statement said.

Nicola Mavilla, TotalEnergies’ senior vice-president for exploration, said the venture “aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country”.
Details later.