Chevron adds operated Gulf of Mexico positions in interest swap with TotalEnergies

The combined portfolio provides access to multiple exploration plays and prospects, complementing TotalEnergies' existing interests in the producing Ballymore, Anchor, Jack, and Tahiti assets, TotalEnergies said.

Oct. 28, 2026

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TotalEnergies agreed to acquire a 25% working interest in 26 Chevron-operated exploration leases offshore the United States. As part of the deal, Chevron will acquire from TotalEnergies a 75% operated interest in two exploration leases adjacent to existing jointly held exploration leases.

Chevron Corp. has agreed to acquire operatorship and a 75% working interest in two exploration leases in the US Gulf of Mexico from TotalEnergies as part of a deal that will see the companies shuffle interest positions in jointly held acreage, TotalEnergies said in a release Oct. 28.

As part of the same transaction, TotalEnergies has taken a 25% working interest in 26 Chevron-operated exploration leases. Financial terms were not disclosed.

The acreage package includes 24 leases in the Green Canyon area and two in Walker Ridge, located 150-250 km offshore. The blocks target what TotalEnergies described as well-proven geological plays.

TotalEnergies said the deal strengthens collaboration between the two companies, while expanding its US offshore exploration portfolio, building on its 2025 entry into 40 Chevron-operated exploration blocks. Since 2022, TotalEnergies has invested nearly $12 billion in the US to accelerate development in oil, LNG, and electricity.