By Elena Vardon
TotalEnergies said it is buying a 25% share in several offshore oil and gas exploration areas in the U.S. operated by Chevron, expanding its reach in the U.S. waters.
The French oil major on Monday said the deal builds on existing partnerships between the companies in projects such as Ballymore, Anchor, Jack and Tahiti. This new acquisition will give it access to multiple potential sites for future discoveries.
"This transaction is in line with our consistent strategy of filling our exploration portfolio with low cost and low emissions options, and will significantly expand TotalEnergies' Offshore U.S. exploration acreage," TotalEnergies' senior vice-president of exploration said.
The transaction covers 40 federal leases in the U.S. outer continental shelf, an area of around 1,000 square kilometers. These include 13 blocks in the Walker Ridge area, 9 blocks in the Mississippi Canyon area and 18 blocks in the East Breaks area.
No financial details of the deal were disclosed.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
06-16-25 0250ET
