TotalEnergies SE (NYSE:TTE) on Monday disclosed that TotalEnergies EP Nigeria has agreed to sell a 40% interest in the PPL 2000 and PPL 2001 exploration licenses to a Chevron Corporation (NYSE:CVX) company, Star Deep Water Petroleum Limited.

This deal is a part of ongoing collaboration discussions between the two firms.

The offshore blocks in Nigeria's West Delta basin span roughly 2,000 square kilometers and were awarded to a consortium of TotalEnergies and South Atlantic Petroleum.

Also Read: Google To Run Ohio Data Centers On Solar Power From TotalEnergies

Following this, TotalEnergies will continue as operator with a 40% stake, alongside Chevron at 40% and South Atlantic Petroleum at 20%.

The deal expands the companies' global offshore partnership, following Chevron's June acquisition of a 25% interest in a portfolio of 40 Chevron-operated U.S. offshore blocks.

Nicola Mavilla, Senior Vice-President Exploration at TotalEnergies, added, "This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country."

Recent Key Events

In November, TotalEnergies disclosed that it will acquire a 50% stake in the flexible power generation portfolio from Energetický a průmyslový holding, a.s. (EPH) at an enterprise value of 10.6 billion euros ($12.3 billion).

The acquisition spans a portfolio of over 14 GW of flexible generation capacity, gas-fired plants, biomass facilities, and batteries, either in operation or under construction.

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An investor can make a few decisions when deciding whether a stock is a good buy. In addition to valuation metrics and price action which you can find on Benzinga's quote pages – like Chevron‘s page for example – there are factors like whether or not a company pays a dividend or buys a large portion of its stock each quarter.

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Price Action: TTE shares are up 0.05% at $65.74 premarket at the last check on Monday.

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• TotalEnergies Demobilizes Le Havre LNG Terminal As Europe's Gas Markets Stabilize

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