Chevron Corp. has farmed out a 25% working interest in certain US offshore exploration leases to TotalEnergies.
The deal, which includes 40 Outer Continental Shelf (OCS) federal leases spanning about 1,000 sq km ranging about 175-330 km from shore, was disclosed by TotalEnergies in a press release June 16. The transaction value was not disclosed.
With the deal, TotalEnergies gains interest in 13 blocks in the Walker Ridge area, 9 blocks in the Mississippi Canyon area, and 18 blocks in the East Breaks area, the company said.
“This transaction…will significantly expand TotalEnergies’ offshore US exploration acreage, combining a wide range of geological plays and prospectivity,” said Kevin McLachlan, senior vice-president, exploration, TotalEnergies.
“Building on the momentum of the recent Ballymore and Anchor startups, we are very pleased to expand our successful partnership with Chevron, and we expect to mature exploration drill decisions on these blocks utilizing advanced 3D imaging technology to unlock large remaining US offshore production potential,” he continued.
Chevron and TotalEnergies are already partners in the Chevron-operated projects Ballymore (40% TotalEnergies), which achieved first production this year, Anchor (37.14%) where production started-up last year, and the Jack (25%) and Tahiti (17%) producing assets (OGJ Online, Apr. 21, 2025; Aug. 12, 2024).